New deal unlocks opportunities for property group

The start of September has seen the completion of another successful deal in the North East market.  Clive Owen Corporate Finance advised The Castledene Group in the acquisition of Interlet North East Limited, a property management business based in County Durham.

The Castledene Group has been operating in the North East of England since 2008 and is a fast growing company with a significant local presence.  It is one of the biggest lettings agents in the region, with over five hundred properties in its portfolio prior to this acquisition.

The Group includes property management, property investment and property maintenance services in its offering.  Led by owner and managing director, John Paul, Castledene was winner of 2008 East Durham Business of the Year and finalist in NE Business of the Year.

Whilst many property related businesses have struggled in the current economic climate, Castledene has found a niche through providing a complete package of services to landlords. The company focuses heavily on proactive sales techniques and this is reaping significant rewards.

The latest chapter in Castledene’s growth story has seen the acquisition of property lettings business Interlet North East Limited from Seaham-based estate agents Kimmitt and Roberts.  Interlet has over four hundred properties under management, increasing the total Castledene portfolio of properties to around 1,000.

The Castledene Group was advised by Angus Allan at Clive Owen Corporate Finance, who worked closely with John Paul throughout the deal process.  Funding to support the transaction was provided by Lloyds TSB.

Angus Allan said: “The Castledene Group has shown that the fundamental principles of a proactive sales outlook and  a focus on client satisfaction can lead to growth and sustainable success even in the most challenging of sectors.

“The business already boasted an impressive portfolio of properties under management.  With the acquisition of Interlet they have taken this to the next level and, under John Paul’s ambitious leadership, Castledene will no doubt continue to grow in the future.

“We were delighted to be involved in another deal that once more demonstrates how our practical and constructive advice is helping our clients to achieve their strategic objectives.”

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