Property firm Scanlans acquires stake in Manchester agency Pad Residential

Property management and surveying company Scanlans has acquired a 50% stake in Manchester-based sales, lettings and management agency Pad Residential.

Following the deal Pad, which was established in 1998 by Ian and Sue Waxman, will continue to operate as normal.

The transaction has however expanded Pad’s portfolio by placing the firm in charge of the management and letting of all Scanlans’ North West properties.

Scanlans chairman Ian Stanistreet and partner Tony Mancini have joined Ian and Sue Waxman as directors of Pad, which employs a team of 10 at its office on Bridge Street.

Ian Stanistreet commented: “Pad is an established city centre firm with an excellent reputation. It has an experienced team of trusted professionals.

“This joint venture between two strong brands will enable us to pool our resources and provide clients with an enhanced level of service.”

He added: “It’s an exciting time for our businesses and we are looking forward to seeing Pad grow its client base over the coming months and years.”

Speaking further, Ian said Scanlans’ asset management arm remains separate from the joint venture and so is unaffected by the deal.

Ian Waxman said of the agreement: “It is business as usual for Pad. The only difference is that Scanlans’ management and lettings business will be integrated with our own.

“Scanlans is a very good fit for us and our joint venture provides a platform from which we will be able to develop our business in the North.”

He added: “Our dual branding will enable us to expand our range of services and add more stock across the region. This transaction marks an exciting chapter for Pad and we look forward to it leading to increased business.”

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