Expanding Acorn Group acquires five-branch agency

The independent Acorn Group has acquired a five-branch business amid speculation that it is to expand further.

Acorn has acquired John Payne, adding to its 250-plus staff in 32 different offices and divisions across south-east London and Kent, and into Surrey.

The well-established John Payne business, which has offices in Blackheath, Greenwich, Lee, Westcombe Park and Charlton, will substantially increase Acorn’s reach across south-east London.

The acquisition, for an undisclosed sum, comes after Acorn CEO Robert Sargent, pictured, said that there had been a ‘significant’ uplift in his company’s year-on-year financial performance. He said he was upbeat about the market, and that property prices in the south-east London area were particularly buoyant.

The John Payne deal is the latest in a string of purchases for Acorn, which began life as a single-office agent in the 1980s.

The aptly named Acorn has previously acquired Beaumont’s, Freedom Direct, Langford Russell, Maitland’s Professional and Start Financial Services.

Sargent told Estate Agent Today yesterday: “The ink is barely dry on the contracts and my senior management team have a lot of work to do with our new colleagues at John Payne.

“Nevertheless, these are very exciting times and this acquisition is the culmination of a year’s hard work. John Payne Residential is a renowned business with a 35-year pedigree and a fantastic reputation. It is also a perfect geographical fit with both our Acorn and Langford Russell businesses.”

Sargent would not be drawn on whether this latest deal is a precursor to Acorn’s ambitions to expand London-wide, saying only that this remained to be seen. The group’s territory currently extends into central London as far as London Bridge

Sargent also said that Acorn’s head office in Beckenham, Kent, is moving next month to larger premises.