In House to buy developer

An AIM-listed property brokering and management company is to continue to expand its commercial and residential property portfolio with the proposed acquisition of a developer in Wigan.


An AIM-listed property brokering and management company is to continue to expand its commercial and residential property portfolio with the proposed acquisition of a developer in Wigan.

An AIM-listed property brokering and management company is to continue to expand its commercial and residential property portfolio with the proposed acquisition of a developer in Wigan.

In House Group plc, which focuses on buying properties for resale, has agreed to buy Berrymount Developments for a seven-figure sum.

It is to spend £2.3 million on the property developer, with the majority of the consideration to be paid in cash financed through debt provided by Dunfermline Building Society. The sum will also comprise £400,000 worth of In House shares.

Berrymount Developments owns 28 properties in the northwest and In House’s directors believe the acquisition will add more than £220,000 a year in rent to its business.

This is the sixth acquisition the group has made so far in 2008, which have included paying more than £1 million for the Macmerry Industrial Estate last month as well as buying six residential properties in the northwest for some £500,000.

In the six months to November 2007, the group reported an operating loss of £182,000 from a £934,000 turnover.

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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