Sourced has acquired Open House Estate Agents, adding 104 franchisees to its property network and expanding the group into estate agency and auctions.
The deal will give Open House franchisees access to Sourced’s wider infrastructure, including its fully funded acquisitions programme, which is designed to help franchisees acquire established lettings agencies and managed property portfolios.
Open House will continue to operate under its existing brand following the acquisition, with its franchise network joining Sourced’s existing network of more than 230 franchisees.
The deal brings together two Warrington-headquartered property businesses that have independently developed nationwide networks based around local operators supported by central technology, systems and infrastructure.
WIDER PROPERTY OFFERING
The acquisition adds Open House’s estate agency and auction operations to a Sourced Group proposition already spanning property investment, finance, lettings and property management.
Sourced says the focus will now be on creating opportunities across the two networks rather than changing the existing Open House model.
For its new franchisees, this will include access to Sourced’s acquisition funding, potentially enabling operators to grow more quickly by buying existing lettings businesses or managed portfolios.
For Sourced, the acquisition creates a broader proposition covering more stages of the property lifecycle, from investment and finance through to sales, lettings, auctions and management.
‘HUGE POTENTIAL’
Sourced founder Stephen Moss (main picture) says: “What stood out to us about Open House was how closely the business aligned with our own. We didn’t have to convince them to think like us because, in many ways, they already did.
“Both networks are built around ambitious local business owners, backed by the systems, technology and opportunities of a national organisation. Bringing those networks together creates huge potential for everyone involved.
“Open House brings established estate agency and auctions expertise into the Group, while we can open up our wider property network, technology and acquisitions programme to another 104 franchisees. We’re not looking to change what makes Open House successful. We want to build on it.”
