Specialist letting agent My Property Box has teamed up with a private equity firm as it seeks to expand its operations into West Yorkshire.
The Darlington-headquartered company, which lets homes throughout the North East and North Yorkshire, is currently looking to gain a foothold in the Leeds area.
It is working with investment company Winch & Co, which will fund its expansion through the acquisition of other letting agencies in key target areas.
In a separate move, My Property Box is also in negotiations over the acquisition of a letting agent in North Yorkshire to extend its reach within the county.
Managing director Ben Quaintrell said: “Since founding the business in 2012, My Property Box has expanded rapidly from its original Tees Valley heartland.
“Last year we acquired two letting agents in Thornaby and Darlington and, as a result, we currently manage more than 1,000 homes valued at a total of £50 million.
“We are an innovative company with an ambitious growth strategy and that includes establishing a presence in Leeds, which has a vibrant rental market and is one of the best areas in the UK for property investment.
“I’m seeking to acquire a lettings business in Leeds with the help and support of Winch & Co, which has extensive local expertise as well as acquisition experience.”
In addition to managing properties and sourcing new landlords, My Property Box operates a property lettings function, focused mainly in the North East.
Nathan Winch, partner at Leeds-based Winch & Co, said: “We are pleased to be working with Ben and My Property Box in this exciting venture.
“We focus on professional service businesses, particularly property, so this project couldn’t have come at a better time.”
Winch & Co has been involved in several private equity deals and investments across a variety of sectors. Its focus is on professional services, including finance, legal, and accounting businesses, with a preference for those deriving recurring income from repeatable or ongoing trading activities.
Ben added: “I’m looking forward to implementing our growth plan with the assistance of Winch & Co. We can see the synergies and that will allow us to achieve our goal within a reasonable timeframe.”