Urbanbubble, the Manchester-based residential property manager, aims to hire 150 new staff and almost triple its earnings in 2020 as it expands the business.
The company, which was set up by Michael Howard in 2009, plans to grow its workforce to 320 by June, from 250 currently, and to 400 by June 2021 to deliver forecast growth.
The company manages 10,000 residential units across Manchester, Liverpool and elsewhere in the UK on behalf of developers and institutional investors such as Legal & General, Salboy, Elliot Group, Property Alliance Group, Far East Consortium, Capital and Centric and Mulbury.
Through a partnership with L&G, Urbanbubble manages build-to-rent apartment schemes such as The Slate Yard in Salford, the 44-storey West Tower at Deansgate Square, and other developments in Bath, Birmingham, Bristol, Leeds and London.
The partnership has secured management contracts for six further schemes in 2020, while Urbanbubble itself said it expects to commence eight other contracts over the next 12 months, including five more schemes for Salboy comprising 1,100 units, three for PAG, and 500 homes for Capital and Centric
It is also delivering the Anco & Co development of 143 apartments in Blossom Street, Ancoats, on behalf of DTZi.
The expansion plans were detailed following publication of the company’s latest financial results on Thursday, which show that revenues rose by 46 per cent to £5.5m in the last financial year to June 2019.
Profit before tax stood at £225,000 and is forecast to nearly triple to £620,000 by June, and to £1.3m by June 2021, Urbanbubble added.
Founder and managing director Howard said: “Alongside strong revenue growth for the next five years where we expect to continue to post 40 per cent sales growth over the same period, the senior leadership team is committed to driving continued annual improvements through leveraging of our scale, operating efficiencies and use of technology with our residents and owners.”
The group expects to achieve turnover of £8m in the year to June 2020 and £11.5m in the following 12 months to June 2021, the company said.
The latest results to June 2019 represent one fully occupied build-to-rent scheme, The Slate Yard, for L&G.