Rapidly expanding PropTech platform secures its fifth rental agency acquisition. – TNT

Dwelly has completed its fifth agency purchase in less than a year with the acquisition of Number 1 Letting in Pontefract, West Yorkshire.

This latest move sees 850 fully managed units added to the Dwelly portfolio, with the company now managing in the region of 3,500 units, following previous acquisitions in Brighton, Essex, Yorkshire, and Suffolk, with a goal to surpass 10,000 units under management by the end of this year.

Founded in 2008, Number 1 Letting will retain its brand and existing team, led by Tracey Brown, supported by Dwelly’s lettings and management systems, following the purchase.

Paul Singleton, director of Number 1 Letting, commented: “We’re incredibly proud of what we’ve built at Number 1 Letting and believe this acquisition by Dwelly offers the best possible future for our clients and team.

“Dwelly’s values align perfectly with our own and whilst I’m naturally sad to be stepping back from the business, I know that with Tracey continuing at the helm, the business is set to reach even greater heights.”

“This acquisition underscores Dwelly’s commitment to combining exceptional local expertise with advanced technology and market-leading service standards, reinforcing its position as a significant player in the UK lettings sector.”

Sam Humphreys, head of M&A at Dwelly, commented: “The acquisition of Number 1 Letting is a fantastic addition to our portfolio and one that will allow us to considerably strengthen our foothold in the North.

“We’re especially pleased that Tracey is staying on to help drive the business forward and her knowledge of the local market and commitment to her clients will be invaluable as we ensure a smooth transition, whilst maintaining the high standards Number 1 Letting is renowned for.”

Jacqueline Kilpatrick, managing director of Letts Acquire, who conducted financial and operational due diligence on behalf of Dwelly, added: “Due diligence revealed Number 1 Letting to be a superbly managed business with robust processes and outstanding client relationships, representing an excellent strategic fit for Dwelly’s growth ambitions.”