Touchstone deal for NVM

Residential property manager Touchstone Asset Management has acquired rival Castle Group, with the aid of a £3.5 million investment from Northern VCT series operator Northern Venture Managers.

Residential property manager Touchstone Asset Management has acquired rival Castle Group, with the aid of a £3.5 million investment from Northern VCT series operator Northern Venture Managers.

Based in Bath, Touchstone manages around 4,500 residential sites around the country and also offers receivership and outsourced accounting services to its property sector peers. Castle, meanwhile, boasts a portfolio of 6,500 properties (managed for various corporate clients) in addition to Calbarrie, a fire extinguisher/emergency lighting maintenance business.

‘This is an exciting development for Touchstone,’ says chief executive Tim Saunders. ‘We are aiming to build a property services group which will concentrate on niche areas. Our focus will remain on residential property management and there are good opportunities in other market areas including receivership, accounting services and the health and safety testing services provided by Calbarrie.’

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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