Shepherd Direct Limited (“SDL”), the national property services group with interests in surveying, valuations, lettings, mortgages and estate agency, acquired CPBigwood, the Birmingham-based property and auctions business, for an undisclosed sum.
The acquisition followed a £20m fundraising by SDL, advised on by Smith Cooper’s Dan Bowtell. Dan commented “It was very satisfying to complete the fundraising and 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”
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.
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.
Smith Cooper Team