Broker says residential lettings business is “natural fit”
Barbon has acquired Teignmouth-based Rentshield, a specialist in insurance for residential lettings.
Managing director Nick Sharp said: “Rentshield is a natural fit with our lettings division, which already comprises Letsure and HomeLet.”
Rentshield managing director Gary Abraham has expanded the business from nothing to 60,000 tenant references per annum over the five years since the company was established, and will continue in his post after the acquisition is finalised.
He said: “This is a great opportunity for Rentshield to benefit from the investment and management expertise of a bigger, well-respected organisation.”
Barbon chief executive Martin Oliver said: “Although part of our lettings division, HomeLet and Letsure operate as competing businesses. As a result, they have driven up service standards and are now widely recognised as market leaders.
“The acquisition of Rentshield will accelerate our earnings in line with Board objectives, further increase market share and reinforce Barbon’s unrivalled position at the top of the lettings industry.”
