Posted on 7 January 2016
Shepherd Direct Limited, the national property services group with interests in surveying, valuations, lettings, mortgages and estate agency, has acquired CPBigwood, the Birmingham-based property and auctions business, for an undisclosed sum.
The acquisition followed a £20m fundraising to accelerate the company’s growth, advised on by Smith Cooper’s newest Corporate Finance Partner, Dan Bowtell.
Dan commented “It was very satisfying to complete the fundraising together with this acquisition in my first two months at Smith Cooper. The acquisition of CP Bigwood is a significant step in the company’s continued evolution and the first in a number of deals anticipated by SDL. SDL has quadrupled its turnover in the last five years and we intend to continue to work closely with the team to assist in the on-going inorganic growth strategy”
The combined group will now generate over £60 million turnover per annum with 400 staff across offices in Birmingham, Glasgow, London, Loughborough, Southampton, Stratford-upon-Avon and the group headquarters in Nottingham.
As part of its ambitious growth strategy, in 2015 SDL also acquired a significant stake in the national mortgage broker network Stonebridge, which now has more than 400 mortgage advisers and arranges in excess of £4 billion of mortgage lending annually.
CPBigwood, ranked 27th largest agent in the country by Estates Gazette, is an established top ten UK auction house and the largest in the UK, north of London. The firm’s residential service charge property management operation is also in the top ten in the UK.
Today, the company delivers £80 million of property auction sales per annum with over 25,000 properties under management.
Rory Daly, CPBigwood Senior Partner, who will remain with the business as CPBigwood Chief Executive Officer, said: “This marks the next step in the evolution of CPBigwood and will further enhance our position as a major player in the auctions and residential service charge management sectors.”
“Being part of SDL will provide a significant boost to the CPBigwood business. The acquisition will boost not only auctions and property management but also our commercial agency, professional services and building surveying work.”
Rory added: “The operations of both groups overlap without competing and by working together we will be able to secure additional benefits and operating efficiencies.”
“The financial strength, entrepreneurial prowess and logistical support provided by SDL will enable us to develop further our already market leading proposition as well as to continue the significant growth we have achieved in recent years.”
Group CEO Paul Gratton added: “We are really looking forward to working with CPBigwood to help support their ambitious growth plans both organically and through selective mergers and acquisitions as well as using the combined group’s reach in terms of winning new corporate partnerships and building deeper relationships with current business partners.”