COMMERCIAL property agent Ryden has expanded its presence in England after merging with an investment agent.
The Scotland-headquartered firm, which has a Leeds office, agreed the merger with asset management and investment firm Mason Philips.
The merged firms will operate under the Ryden name with the London office of Mason Philips in Regent Street becoming Ryden’s base in the capital.
The deal significantly increases the size of Ryden’s property management business in England to a portfolio with a rent roll of approximately £40m covering about 2,100 tenants.
Almost half of Ryden’s management income will come from English property and around 20 per cent of the firm’s total turnover will be generated outside Scotland. The deal is expected to increase Ryden’s investment activity in England three-fold within the next two years.
The merger forms part of Ryden’s strategy for growth in England and follows a merger with Leeds-based asset management firm Hill Woolhouse just over 18 months ago.
Bill Duguid, managing partner of Ryden, said: “We have a large and growing number of English-based clients who know and value the service levels Ryden provides.”
He added: “It has been a cornerstone of our business planning over the last three years to continue to reinforce our market leader position in Scotland but also, beyond that, to grow the presence of our brand in England.
Edwin Braim, asset management director at Mason Philips, added: “We are delighted to be merging with a firm which shares our own core values.”