Leaders Romans Group (LRG), one of the UK’s largest property service providers, has announced that it has acquired Northfields, an award-winning London-based residential lettings and sales business. This acquisition is the first of 2022 for the group and the first since the recent acquisition of LRG by Platinum Equity.
Historically a lettings-driven business, Northfields covers both lettings and sales in West London and saw significant growth in the sales division in 2021. The business is currently owned and managed by its Founder Richard Palfreeman, who will step down from the business following a handover period.
Northfields is located across four premises in Ealing, Ealing Broadway, Pitshanger and Shepherds Bush. This acquisition will strengthen the group’s presence in the London region following the acquisition of Portico in October 2021. It also fills a geographic gap between Portico and Gibbs Gillespie in West London, complementing the recent acquisitions of Orchards in Ealing and Thorgills in Brentford.
Matthew Light, Group Mergers and Acquisitions Director at LRG, comments: “We are thrilled to complete our first acquisition under Platinum’s ownership and look forward to welcoming the Northfields team to the LRG family. Following the acquisitions of Thorgills, Orchards and Portico last year we continue to pursue our M&A strategy to service new areas, including the London region. Northfields is a fantastic success-story of growth in a competitive market and their people-focussed ethos fits perfectly with that of LRG.”
The newly promoted Group Managing Director at LRG, Michael Cook, comments: “We’re delighted to welcome this fantastic lettings and sales business into the LRG fold. It is certainly an exciting time for the group as we leverage new funding and additional resources available to us since our acquisition by Platinum Equity last month. Our ambitious plans for growth are reflected in our new five-year strategy to continue on the acquisition trail, with the objective of growing our presence across the UK.”
Richard Palfreeman, Chief Executive Officer at Northfields, commenting on the acquisition, adds: “I’d like to thank the Northfields team for their ongoing hard work and support which has enabled us to grow to a successful four-branch business. Our recognised brand name made us an attractive prospect for buyers, but we chose to sell to LRG based on their strong reputation in the industry and ambitious growth plans. I look forward to seeing the exciting future of the company under the LRG leadership.”