RYDEN has expanded its property management operation in England after agreeing a merger with Mason Philips, the London investment agent.
The deal will see the combined entity trade under the Ryden name, with the London office of Mason Philips becoming Ryden’s base in the UK capital.
Ryden now expects to ramp up its investment activity in England three-fold in the next two years as a result of the deal.
The merger adds a second office to the Ryden operation in England after its base in Leeds, which came after its merger with Hill Woolhouse around a year and a half ago. And it swells the rent roll of its portfolio to around £40 million, covering in the region of 2,100 tenants. Ryden said that once the deal is conclude it will generate nearly half of its management income from English property, with 20 per cent of its overall turnover earned outside its native Scotland.
Ryden managing partner Bill Duguid said: “We have a large and growing number of English-based clients who know and value the service levels Ryden provides.
“It has been a cornerstone of our business planning over the last three years to continue to reinforce our market leader position in Scotland but also, beyond that, to grow the presence of our brand in England.”
Ryden cited the ongoing “weakness” of the oil and gas industry as it reported a 25 per cent fall in pre-tax profits to £4.1 million in November.
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