Dwelly has completed its eighth acquisition of 2026 after agreeing a deal to acquire the lettings business of Midlands estate agency AP Morgan.
The acquisition adds more than 500 fully managed properties to Dwelly’s portfolio, taking the group’s total number of managed homes to almost 14,000 as it continues to expand through acquisition.
Founded in Redditch, AP Morgan has built a strong presence across the West Midlands, with the transaction covering its lettings operation while the existing owners retain the agency’s sales business.
The current lettings management team will remain in place to provide continuity for landlords and tenants, with Dwelly introducing AI-driven operational systems to support compliance, administration and customer service.
BUSINESS SPLIT
The latest acquisition reflects a growing trend of estate agencies separating sales and lettings operations, with specialist operators acquiring management portfolios while agency owners focus on residential sales.
Sam Humphreys (main picture, inset), Head of M&A at Dwelly, says: “Our acquisition activity this year reflects the confidence that agency owners are placing in the model we’ve built. Increasingly, we’re speaking to businesses that recognise the growing complexity of the lettings sector and want a partner that specialises in helping those businesses continue to thrive.
“AP Morgan is another fantastic example of the type of business we’re looking to partner with. It has a fantastic reputation, an experienced team and a strong presence within its local market, all of which made it an incredibly attractive addition to the Dwelly family.
“Importantly, this isn’t about changing what has made the business successful. By retaining the existing leadership team and investing in the technology and operational infrastructure behind the scenes, we can remove much of the administrative burden that modern letting agents face, allowing them to spend more time delivering the service and relationships that clients value most.”
TEAM VALUE
Joe Phillips, Director of AP Morgan, adds: “Finding the right long-term home for our lettings business was incredibly important to us. We wanted a partner that recognised the value of the team, the relationships we’d built with landlords and tenants, and the reputation we’d established within the local market.
“Dwelly’s approach immediately stood out. Rather than looking to fundamentally change the business, they’re focused on strengthening it by supporting great people with better systems, technology and operational expertise.
“Retaining the sales business allows us to focus on what we do best, whilst knowing our landlords, tenants and lettings team are in excellent hands for the future.”
The transaction was brokered by Atomic Consultancy, whose founder, Lucy Noonan, said AP Morgan’s established portfolio, experienced team and local reputation made it a strong strategic fit for Dwelly’s expanding network.
