Lettings firm Dwelly expands with takeover

A lettings and property management firm has expanded with a takeover.

Dwelly has bought Paramount Properties.

Bosses say the deal has added about 1100 fully-managed properties to Dwelly’s portfolio.

They add the agreement for London-based Paramount Properties “further reinforces its position as one of the UK’s largest lettings businesses”, revealing the swoop has taken Dwelly’s wider national network to more than 15,000 properties under management.

Under the terms of the deal, managing director and co-seller Spencer Lawrence remains at the helm of Paramount Properties, which has operated from West Hampstead since 1989.

Employing a 30-strong team, the business’ property management operation spans more than 80 London postcodes.

The takeover comes after Dwelly bought Eden Harper, Settio and Kensington-based Shaws, and earlier this year secured a deal for Move that added 1100 fully managed properties across branches in Cheltenham, Gloucester and Worcester.

Sam Humphreys, Dwelly’s head of mergers and acquisitions, said: “Paramount has been operating for more than 35 years, has an established presence across the London market and has an outstanding team and culture.

“Our approach isn’t to acquire businesses simply for the sake of adding scale – we want established agencies with great people, strong local reputations and the foundations to grow further.

“By improving efficiency behind the scenes, experienced agents can spend more of their time on the relationships, advice and local expertise that made businesses like Paramount Properties successful in the first place.”

Spencer added: “One of our key values is ‘do the right thing’; in this context, that meant finding a partner who understood what makes Paramount Properties a brand people trust.

“Dwelly recognised this, and wanted to invest in it.

“I’m excited for what comes next.”

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