Leading Wales auctions and lettings business snaps up another established rental firm
Tuesday, June 13, 2023
Paul Fosh Auctions and Lettings has snapped up another property rental business and says it is eager to make additional acquisitions this year.
Newport-based Paul Fosh Auctions and Lettings, which acquired Everything Lettings in January has now acquired the lettings business of city-based John Newell Estate Agents.
The latest deal and the earlier one will see Paul Fosh Auctions and Lettings more than double the size of its lettings business.
The value of the acquisitions has not been revealed.
Paul Fosh Auctions, based on Lower Dock Street, in the city, has been established in Newport for more than twenty years.
The business, which consistently tops the charts in Wales for the number of properties sold and the cumulative annual total value of the sales, stages monthly online property auctions as well as managing an expanding stable of properties for clients.
Paul Fosh Auctions and Lettings now employs a total of 17 people at its headquarters in Newport with six concentrating solely on the expanding lettings side of the business. An increase in head count is expected to flow from the business acquisitions.
Paul Fosh, owner and founder of Paul Fosh Auctions, said: "The acquisition of the lettings business of well-established John Newell Estate Agents is a perfect fit for us as the business covers Newport and surrounding areas. The acquisition will allow our already very healthy lettings business to grow even further.
"We were approached by business owner John Newell to acquire the lettings business based on our reputation as a lettings business. He is confident that his client base, most of whom he has known and managed for very many years, will be in good hands under Paul Fosh Lettings."
Mr Fosh said the new clients will benefit, as the firm's existing ones do, from the complete Paul Fosh Lettings package.
"Our large team of specialists ensure that our clients and their tenants receive a first class service in terms of response to any problems and quick turnaround for issues such as plumbing and electrical issues, repair and property upkeep."
Commenting on business growth plans Mr Fosh said: "We're definitely in the market for making further acquisitions of lettings business which we feel are the right fit. We welcome approaches from lettings businesses looking to be acquired.
"We envisage seeing further expansion in this side of the business in 2023 through acquisition as well as organic growth. We're looking to massively expand this side of the business over the coming years.
"We have been growing organically over the past four years. We're now keen to scale up. Lettings is a scalable business, so we're on the lookout now to acquire suitable similar businesses to help us grow. It's advantageous for a lettings business to operate at a certain scale as this allows staff to specialise.
"We are looking to consolidate our position in south Wales by increasing the density of our activities here as well as at the same time reaching out into newer areas across the Severn, to Bristol and the west country.
"We already manage properties in Cheltenham, Bristol and Llanelli areas so we have a broad coverage and experience. The aim, now, is to increase the density of coverage in those areas with the business controlled from our Newport headquarters."
Paul Fosh Auctions and Lettings is to host a meet and greet style event for existing and prospective clients at its headquarters on Wednesday, June 28 from 3-5.30pm. Those looking to attend should contact Paul Fosh Auctions and Lettings on 01633 254044 or email paul@paulfoshauctions.com
*The next Paul Fosh Auctions online property sale starts at 12 noon on Tuesday, June 20 and ends from Thursday, June 22.
www.paulfoshauctions.com
Story by David Barnes at DB Public Relations