Property management and surveying firm Scanlans has taken a 50 per cent stake in Pad Residential, a sales, lettings and management agency based in Manchester city centre.
Pad, which was founded by Ian and Sue Waxman in 1998, will continue to operate as normal as part of the Scanlans group of companies.
It will immediately expand its portfolio by taking over the management and letting of all north west properties currently on Scanlans’ books.
Financial terms of the transaction have not been disclosed.
Following the deal, Scanlans chairman Ian Stanistreet and Tony Mancini, a partner at the firm, join Ian and Sue as directors of Pad, which has 10 staff and is based on Bridge Street.
Fiona Trigg, who has worked for Scanlans for the past three years dealing with its management and lettings service, becomes an employee of Pad.
Ian Stanistreet said: “Pad is an established city centre firm with an excellent reputation. It has an experienced team of trusted professionals.
“This joint venture between two strong brands will enable us to pool our resources and provide clients with an enhanced level of service.
“It’s an exciting time for our businesses and we are looking forward to seeing Pad grow its client base over the coming months and years.”
He said Scanlans’ asset management business remains separate from the joint venture and is unaffected by the tie-up with Pad.
Ian Waxman said: “It is business as usual for Pad. The only difference is that Scanlans’ management and lettings business will be integrated with our own.
“Scanlans is a very good fit for us and our joint venture provides a platform from which we will be able to develop our business in the north.
“Our dual branding will enable us to expand our range of services and add more stock across the region.
“This transaction marks an exciting chapter for Pad and we look forward to it leading to increased business.”
Scanlans is a national firm with has eight partners and 70 staff across its offices in Manchester, Birmingham, Leeds, London and Cardiff.
Pictured are, from left to right, Ian Waxman, Sue Waxman, Ian Stanistreet and Tony Mancini.