Eddisons expands with commercial valuations practice acquisition
National property consultant Eddisons has strengthened its valuations services division with the acquisition of specialist property valuations firm, Taylors Business Surveyors & Valuers for an initial consideration of £1.1m.
Based in Northampton, £1.5m turnover Taylors was established in 1992. The business employs 20 staff and undertakes trading business and commercial property valuations for secured lending purposes for a range of financial institutions, including all of the major high street banks.
The Taylors base in Northampton will become Eddisons 11th UK office, adding to their growing national network which includes locations in London, Manchester, Glasgow, Birmingham and Leeds, where the firm is headquartered.
Eddisons director and head of valuation and banking services, Anthony Spencer, said: “The Taylors acquisition adds further depth and breadth to our commercial valuations department and strengthens our combined offering to lenders, increasing our total head count to more than 200 across the UK.
“With sector specialisms in areas such as hotels, education and healthcare the Taylors team will fit well with Eddisons own broad range of expertise and boosts our valuation division to 30.
He added: “We are please to welcome everyone at Taylors into the Eddisons fold and together we are well placed to take advantage of future opportunities to develop and enhance the business, both organically and through strategic acquisitions.”
Chris Mitchell, director at Taylors, commented: “The value of loans being made on commercial properties increased by over £15bn last year, the highest level of new lending since 2008. With economic forecasters predicting a continued rise in lending, now is the ideal time to join forces with a larger practice so that we are best placed to meet the increased demand for commercial valuation reports from lenders.”
As part of the acquisition, the existing management team of Taylors will remain with the business for at least five years.
Written by: Anthony Spencer on Tuesday 01/12/2015