Cheshire-based asset manager, Braemar Group, has increased its property management division with the takeover of independent North West estate agent chain, Main & Main, for £525,000.
The acquisition by AIM-listed Braemar, founded in 2001 by ex-City analyst Marc Duschenes and his wife Jennie, a former financial PR director, will increase its portfolio of managed properties to over 2,500 units. Braemar's shareholders include powerful property investor Vincent Tchenguiz who controls 28%.
Braemar will retain the existing Main & Main staff of nine, who will move from premises in Heald Green to Braemar's head office in Hale. Former Main & Main director, Howard Jones, will join Braemar to run the property management division.
Marc Duschenes, chief executive of Braemar, said: "The Main & Main transaction is an important step in our plans to scale-up our property management services. Our growing expertise in managing quantities of residential units will provide shareholders with an additional stable cash flow and an important counter-cyclical element to the business.
"This will reduce our exposure to the ups and downs of residential property investment sentiment."
Braemar's managed properties are spread across the UK, with the majority of its units located in the North West, Berkshire, Kent and Yorkshire. The units are primarily new-build apartment blocks.
Braemar shares were unmoved at 3p, valuing the business at £6m.