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Monday, June 24, 2024

Long-established estate agency finds key to growth after acquisition by North West property specialists

A LONG-established estate agency has entered a new era of growth after being acquired by a well-known stablemate in the North West’s property sector.

Matthews of Chester has been acquired by Manchester-based counterpart Thornley Groves, which operates a network of 13 offices spanning the most sought-after places to live in the North West.

In the 250 days since the deal was sealed in October, the Matthews team has seen the number of homes in its rental portfolio soar by around 30%. Plus it has agreed sales on 112 properties worth a total of more than £32m.

Thornley Groves is now looking to build on this platform and accelerate the next stage of its expansion journey in Chester – using the Matthews success story to unlock further acquisitions.

For Thornley Groves’ CEO, Jason Watkin, the Matthews deal takes him back to his property roots as he was based in the Cathedral city back in the 1990s.

He said: “When Matthews became part of the Thornley Groves family, we inherited not just a first-class team of people but also a brand that has been the pulse of the property market in Chester and surrounding districts since 1986.

“Both brands share a similar heritage – we have been matching properties with people in the North West for over 30 years – and this has turned out to be the perfect match.

“That unrivalled local knowledge and home-grown skills, blended with the launch of the latest technology and a range of new services, has proved a winning formula raft.

“We’re proud to have been to be entrusted by the Matthews family to take forward their business into a new era, and are thrilled we are carrying forward the momentum at pace and scale.”

He added: “Our new services include an investment management service, tailored to meet the needs of the growing number of developers and investors with multiple-property portfolios in and around Chester.”

“That strong platform is important as we guide our clients through the Renters (Reform) Bill when it becomes law later this year. It also adds an extra dimension to the support we offer landlords with properties in North Wales to ensure they comply with the nation’s Rent Smart regulations.”

“These are exciting times for the Matthews business and I’m looking forward to completing further acquisitions in Chester in the near future.”

Matthews of Chester was launched and managed by the late Tim Matthews and wife Sue until their retirement in 2012. Since then, it was run by daughter Rebecca and husband Kevin O’ Reilly, who have now also chosen to retire after completing the smooth handover of their business to Thornley Groves.

Both Tim and Rebecca were former Chairs of the Chester Association of Auctioneers, Estate Agents and Surveyors.



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