Mears in Â£20m London acquisition
Mears Group, a supplier of services to the social housing and care sectors, has acquired a London-based property company for £20m.
The Gloucester-headquartered business purchased Omega Group, a provider of residential lettings and management services for social housing.
It has a portfolio of more than 1,700 properties and counts more than 20 local authorities as clients, the majority of which are based in London. It also recently secured a five-year contract to provide social lettings for Birmingham City Council.
Following the deal, Omega's management team will remain in place.
David Miles, chief executive of Mears, said: "This acquisition is a logical extension to the services provided within our Social Housing division and will enhance our ability to work with housing providers to improve the delivery of housing and property management services.
"I have been impressed by the quality of the Omega Group management team, who appear to have a strong cultural fit with Mears, and I welcome the Omega team to the Mears Group."
"I know that Mears' clients will welcome our involvement to help professionalise this service area whilst being in a position to provide financial stability."
Omega Group comprises Omega Lettings Ltd, Zenon Property Services Ltd, Omega Housing Ltd and Let-to-Birmingham Ltd. It also includes 50 per cent owned joint ventures Tando Property Services and O&T Developments.