Property management firm looks south for fourth acquisition
Published: 3rd September 2019
Barnsdales - a long-established Yorkshire property management firm - has hit the acquisition trail again with the purchase of Blake Property Management of Aylesbury for an undisclosed sum.
It is the fourth acquisition in 18 months for Barnsdales and comes as the company has also secured a six-figure loan to support its ongoing growth from , which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The latest deal will create two new jobs at the Barnsdales’ Doncaster headquarters as it takes over management of Blake’s portfolio, which includes 26 apartment blocks, 529 leasehold properties and seven commercial properties in locations from Bolton to Cornwall.
The company, which was founded in 1905, now has around 2,100 units under management and operates nationwide with additional offices in Sheffield, Cirencester, London and Manchester.
Jason Barnsdale, the Managing Director and the fourth generation of the family, said the company had made acquisitions in Cirencester, Rotherham and Sheffield and added over 1,000 units to its portfolio since launching its growth strategy last year.
Jason said: “Blake is another important acquisition for us and will help develop our national coverage as well as becoming a more sophisticated block manager. We are on track to have 100 blocks under management by the end of the 2019.”
Blake’s co-founder David Tatum added: “Barnsdales’ long standing reputation and professionalism gave us huge comfort that we are handing on our business to a safe pair of hands. Blake clients and residents will benefit from this more sophisticated business with greater resources.”
Paul Arthur, Investment Manager with Mercia, said: “It is great to see a fourth-generation family business like Barnsdales that is going from strength to strength. This latest acquisition will provide a source of recurring income and accelerate its growth while creating new jobs in Doncaster.”
Mark Wilcockson at British Business Bank, said: “We are pleased that NPIF has continued to support high-growth businesses in the North, providing vital funding to enable job creation and expansion into new markets. This investment which will support the company’s ongoing growth demonstrates how NPIF funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”
The acquisition was brokered by Peritus Corporate Finance in London and Newcastle. HSR Law acted for Barnsdales and Taylor Emmet for Blake.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital; the Group's 'Complete Capital Solution'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has over £500million of assets under management and, since its IPO in December 2014, has invested over £84million across its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
About The Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit .
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at