Two major independent property firms are to merge to form a £41 million turnover multi-discipline group with a network of offices throughout the UK.
Fisher German, which has 16 offices across England, is to join forces with Vine Property Management which manages 51 million sq ft of retail, industrial and office property, and has an office in Newcastle.
The deal to bring the companies together comes at the end of 12 months of negotiations and the new group will trade under the Fisher German banner from the beginning of 2020.
The move is the latest development for Fisher German, which has expanded significantly in the last five years. The firm, which specialises in commercial, rural and residential property as well as development, utilities and sustainable energy, has grown its turnover from £19 million to £35 million in six years.
During that time, it has not only grown organically but has strategically merged with nine property consultancies since 2000 and now employs around 500 staff.
Vine Property Management, which celebrates its 25th anniversary this year, currently manages assets of £2.7 billion. As part of the deal, Vine co-founder James Rigby will join Fisher German as a partner.
Under the plan, all additional 10 offices and 100 staff will be retained.
Andrew Bridge, managing partner of Fisher German, said the deal expanded the reach and expertise of both companies.
He said: “We have been looking to grow Fisher German and to further expand our presence in the commercial sector, and Vine Property Management will not only bring a proven track record and new disciplines to expand our current commercial offering but will also take us into new geographical areas allowing for further growth.
“From that commercial point of view, it is a perfect fit but it soon became clear as we advanced talks that the two companies share a belief in ethos, values and levels of customer care which only adds to the strength of the new group.”
Vine, whose management portfolio extends to more than over 7,000 individual units with an annual rent roll of £220m+ and over 500 service charge schemes, is headquartered in Birmingham but its network of offices take in Scotland, Wales, North West, North East, South East and South Coast.
James Rigby said: “We have watched the impressive sustained growth of Fisher German over recent years and believe by coming together we will equal more than the sum of our parts.
“The merger will mean we can offer a whole new range of services to existing clients of both companies, and also attract fresh clients with an expanded expertise in new areas.
“We are very excited to have found a perfect partner both in terms of the services we offer, but also the common approach in the way we work with, and for, clients.”
Springboard Corporate Finance, Cooper Parry and Browne Jacobson acted as advisors on the transaction.