The legal team representing Bradshaw, Farnham & Lea during the firm's 70% acquisition of the Venmore Group said the deal reflects the confidence still being shown in Merseyside's commercial and residential property market.
Wirral-based Bradshaw, Farnham & Lea yesterday completed the purchase of Venmore's property management and auction businesses.
The firm was represented by partners of Hill Dickinson, based at the Liverpool office, Mike Jones and Kathy Holuba.
Solicitor Caroline Prosser, who was also part of the corporate team at Hill Dickinson, said: "The deal is indicative that despite there being obvious difficulties in the commercial and domestic property markets there remains optimism that those markets will return to normal in the medium term. The acquisition strengthens the already well established Bradshaw Farnham & Lea brand on the Wirral and gives an excellent platform for growth in Liverpool.
"Clearly this bold move places our clients in an excellent position to weather the current economic difficulties and gives them a great opportunity to take advantage of the inevitable up turn."
Bradshaw, Farnham & Lea stepped in to acquire the property management and auction businesses from the troubled 150-year-old Venmore Group, following the Liverpool-based property group's failure to pay its employers their monthly salary in October.
However, Bradshaw, Farnham & Lea believes Venmore's struggles came soon after its recent expansion to 21 estate agency offices, which most have now closed.
Bradshaw Farnham & Lea remain in talks to acquire the rest of the Venmore Group, which includes its Allerton Road office and Ball & Percival estate agency chain.
The new business will still operate under the Venmore name, with Venmore directors – Simon Wall, Phil Cassidy, Phil Furlong and Dave Blackman – being named as new directors.
Bradshaw Farnham & Lea has seven offices in Wirral.