Dwelly, the fast-growing UK lettings and property management platform, has completed its third strategic acquisition with the purchase of Pennington, a leading Suffolk lettings agency with more than 30 years of local market presence.
The deal adds a further 550 managed units to Dwelly’s portfolio, marking a significant step in the company’s national expansion strategy.
The acquisition reinforces Dwelly’s commitment to building a next-generation lettings platform that combines the local expertise of established agencies with the scale and efficiency of proprietary technology.
Pennington joins previous acquisitions in Yorkshire and Essex, bringing the total number of units integrated into the platform to more than 2,000.
QUALITY BENCHMARK
Founded by Julian Pennington and Robert Ulph, Pennington has long been regarded as a benchmark for quality service and professionalism in the Suffolk rental market. The agency’s portfolio and operations will now be merged into Dwelly’s technology infrastructure, designed to streamline the lettings lifecycle and enhance service delivery for landlords and tenants alike.
PLATFORM-LED GROWTH
Dwelly’s platform is engineered to automate core processes including tenant application vetting, compliance tracking, risk profiling, and maintenance resolution.
This digitisation improves response times, ensures consistent regulatory compliance, and provides an upgraded experience for all parties involved.
The company’s technology also supports data-driven decision-making, with features that rank and assess tenant suitability, promote transparency, and enable seamless communication throughout the leasing journey.
While many operators in the sector pursue acquisitions primarily for scale, Dwelly positions itself differently – focusing on the long-term value of cultural alignment, service quality, and local relationships.
The company targets well-established, independent agencies with strong reputations and integrates them in a way that maintains their identity while enhancing operations through centralised systems and back-office support.
SUSTAINABLE CONSOLIDATION
The Pennington acquisition is part of a broader strategy to bring best-in-class independent agencies into a unified ecosystem, enabling them to compete more effectively in a market increasingly shaped by digital innovation and rising consumer expectations.
Dwelly’s approach reflects a growing trend in property services: the professionalisation and platformisation of fragmented markets.
By selectively acquiring reputable regional agencies and equipping them with enterprise-grade tools, Dwelly is positioning itself as a consolidator of choice in the UK lettings sector.
The company was founded by Ilya Drozdov, Dan Lifshits, and Dmitry Khanukov, seasoned entrepreneurs with over 15 years of experience working together in the tech-enabled lettings industry.
Previously holding leadership positions at tech giants and consulting firms such as Uber, McKinsey, and Gett, they were inspired by their personal experiences navigating the cumbersome rental process in London.
SELECTIVE APPROACH
Sam Humphreys, Head of M&A at Dwelly, says: “We have continued to take an extremely selective approach when it comes to the businesses we acquire and this allows us to honour the legacy of these independent business owners who have poured years of effort, care and investment into building market leading agencies within their respective local markets.
“These are businesses that have been nurtured and developed over years, or in Pennington’s case, decades, and you simply can’t replicate the company culture that is central to this success and so, when we do find it, we place a great deal of emphasis on maintaining it.
“At Dwelly, our role is to build on the strong foundations built by local owners, supporting them by simplifying operational tasks and improving how tenants and landlords interact with the agency, making everything easier, faster and more transparent.
“By the end of 2025, we are committed to achieving the goal of managing over 10,000 properties under Dwelly’s management, while staying true to our principles and people-first approach, and we’re well on the way in reaching this goal”
BEST OPTION FOR BUSINESS
Julian Pennington, Owner of Pennington, adds: “The decision to be acquired and who to choose isn’t one that comes lightly, but it soon become clear to us that Dwelly was by far the best option for our business not just in terms of the operational benefits and growth potential they provide, but also to ensure that the culture we’ve built continues to be nurtured.
“Working with Dwelly gives us the opportunity to modernise our operations and enhance the service we provide to both our landlords and tenants. Their approach to integrating technology into the lettings process will help us improve efficiency while still maintaining the values we’ve built over the years.”
And Robert Ulph, Owner & Managing Director of Pennington, says: “This acquisition enables Pennington to evolve alongside an innovative leader in the property tech space. By combining our over 30 years of expertise with Dwelly’s cutting-edge solutions, we’re confident we’ll continue to set the bar for excellence in the Ipswich market.”
Main picture: (Left to right) Dan Lifshits; Ilya Drozdov; Dmitry Khanukov and Sam Humphreys.
