Finance firm buys property business

A financial services business has bought a long-standing Norwich-based property company for an undisclosed sum.

Duke Street Financial Services has acquired Robert Wells Property Management and Lettings in a deal that brings together two companies that have operated from the same building for the last year.

Mr Wells, who has run the lettings business for the last 30 years, will remain actively involved in the business as a consultant.

Rachel McKay, who runs the financial services company with Mark Leeming , said it was a "dovetailing" of two complementary businesses.

"It's a solid business with a good tradition and name behind it - and Robert is staying with us and will deal with the acquisitions and new business inquiries.

"Because of his length and breadth of knowledge, he knows all of the rules and regulations and is definitely at the forefront of our future plans."

The Robert Wells business has about 200 Norfolk residential properties on its books, chiefly in and around Norwich.

"In these sorts of challenging financial times there's a good amount of people who are renting who will consider purchasing in future," Ms McKay added.

"This is a vibrant city with a teaching hospital, university and the John Innes Centre - it's a hub for rental properties and although fewer people are buying for investment there is still a large amount of people with a portfolio of properties to let. We can make things run smoothly for clients and landlords."

Courtesy of EDP

27 August 2008