Principle Estate Management has announced the acquisition of the residential lettings and block management portfolio of Pennycuick Collins, a Birmingham-based property consultancy.
The strategic acquisition increases Principle’s managed portfolio to 25,000 leasehold units and 600 lettings managed units, which significantly expands its lettings service and expertise.
The acquisition unites longstanding professional relationships for Principle’s founder and joint managing director Brett Williams.
Brett Williams said: “This deal is particularly special to me, as it brings my career full circle, having worked in this business earlier in my career. It’s now a proud moment being able to integrate it into the business we’ve built here at Principle.
“The acquisition aligns with our mission to blend experienced people, smart systems, and client-focused service. There is real talent in the team, and we’re excited about the opportunities to further enhance service quality with the structures we already have in place.”
Joe Jobson, co-owner and joint managing director at Principle, added: “As part of the acquisition, we’re delighted to welcome Lucy Roberts as our new director – head of residential asset management.
“With over 20 years of industry experience, Lucy brings a wealth of knowledge and a trusted team alongside her. This ensures continuity of service for our existing clients while strengthening our offering for new ones.”
Following the sale, Pennycuick Collins will focus exclusively on its core commercial property and building surveying services. As part of the restructuring, the Pennycuick Collins business has also relocated to Foundry at 6 Brindley Place in Birmingham, B1 2JB.
Pennycuick Collins owners Adrian Roddick and Charles Gillett also expressed their confidence in the transition.
“We’ve been seeking the right home for this part of the business and we’re confident we’ve found it in Principle. Our team is excited about the move, and we know our residential clients will be in great hands.”
Legal advisors for the transaction were Wilkes Partnership, who acted for Principle, and Realty Law, who advised Pennycuick Collins.
