Leaders Romans Group acquires The Acorn Group

Property services group Leaders Romans Group has strengthened its presence in Kent with the acquisition of The Acorn Group, a South East London and North Kent focused estate agency group.

The deal becomes LRG’s largest acquisition in its history as well as being among the largest property industry acquisitions in recent years in the UK. It follows the recent acquisitions by LRG of London-based Northfields and Portico in March 2022 and October 2021 respectively.

Since starting out from one office in South East London in 1984, through organic growth and a number of acquisitions Acorn has grown to encompass 40 branches. Along with the Acorn brand, the company also owns MAP, Start, Langford Russell and John Payne.

Neil Louth, CEO of Acorn Group, said: “We are exceptionally proud of the growth of Acorn since we first started trading almost 40 years ago. Over that time, we have experienced significant changes in the property sector as consumer and industry expectations shift.

“We are thrilled to be joining the LRG ranks, as a forward-looking industry leader, we feel we share many of the same values including ambition, customer orientation, and performance-led business, so it is a great cultural fit.

“The sale process has been a great experience from start to finish and I personally look forward to the future of The Acorn Group, particularly the next 5 years where we have ambitious plans to grow the business, along with the added resource, experience, and support as part of LRG.”

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Acorn founders Rob Sargent and Alan Cornish will now step down from operations, however CEO Neil Louth, Lettings Director Paul Deveney and the rest of the senior management team will remain in place and support the brand’s growth in the coming years.

Matthew Light, Group Mergers and Acquisitions Director at LRG, said: “This acquisition marks a significant milestone for LRG, with the backing of Platinum Equity we have set our sights on larger businesses, and this is the biggest acquisition in the group’s history.

“The Acorn Group story is revered, and we look forward to maintaining an ongoing relationship with the company’s founders Robert Sargent and Alan Cornish. South East London and Kent is an area that forms part of our ambitious growth strategy and will now be supported by this valued team.”

Similarly to LRG, Acorn offers a range of services besides its predominant sales and letting agency, including estate and block management and surveying to financial services, land, and new homes. It recently started offering a lease extension service.

Acorn’s 425 employees have all transferred to LRG following the acquisition. The longevity and strength of the businesses which make up the group has led LRG to maintain their existing names.

Michael Cook, Group Managing Director at LRG, adds, “We have enjoyed a long-term relationship with the Acorn Management team so when the opportunity arose to acquire the business into our group, we were very excited about the opportunity to work with Neil, Paul, and the team and feel that we share a very similar cultural and entrepreneurial approach to business.

“We are excited about the potential of the expansive portfolio currently held by Acorn, across a multitude of sector divisions. The team will now have the LRG backing to expand its footprint across all business areas, both organically and through acquisitions.

“The Acorn Group has been a prominent business across the South East of England for a long time and we are proud to have them join us so we can continue to grow together.”

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