Carter Towler, one of the largest and most successful independent chartered surveyors and property management companies outside London has acquired Durham-based Ashley Smith Chartered Surveyors for an undisclosed sum.
The purchase is a significant move for Carter Towler as it strengthens its leading position and extends the range of services it offers to clients in the North East.
Leeds-based Carter Towler employs 50 people and is acknowledged as one of the most commercially active property companies in the North, Midlands and South East. Over the past 12 months the company has been involved in over 350 industrial, commercial, investment deals and currently manages 4,000 properties for its clients nationwide.
Ashley Smith Chartered Surveyors, which was formed in 1989, is based in purpose-built offices at Oakmere, Belmont Business Park in Durham. The firm has commercial and industrial property clients across County Durham, Tyne and Wear, Teesside, Northumberland and North Yorkshire.
Commenting on the acquisition, Carter Towler director Matthew Faulkes said: “We are absolutely delighted to have concluded this acquisition. Our client base has expanded significantly across the North and North East in particular over the past few years and we have been looking for a strategic partner to work with there for some time.
“There are many synergies between the two businesses; both are well established, Ashley Smith for over 30 years and Carter Towler can trace its roots back to the 1940s. Whilst building up our businesses we have both continuously evolved and adapted, and our ethos and processes are aligned.
“Stephen Smith, his son Lewis and the team at Ashley Smith will be a great asset and will act as an extension to our own Agency and Property Management offerings. We’re looking forward to introducing both existing and new clients to the additional resources we now have.”
“Ashley Smith has developed a solid reputation across the region and therefore it makes sense for the business to continue to operate under its own name for the time being.”
Stephen Smith of Ashley Smith added: “I’m really pleased we are joining Carter Towler and will be working alongside such a talented team of surveyors and property managers. There is no doubt that our existing client base will benefit from the breadth of property services we can now offer together.
“There’s a great fit and we’re delighted to be part of such a professional and highly regarded business.”
Carter Towler was created in 2008 by the merger of Towlers and Carter and Co, two of the best known commercial surveying and property consultancy names in Leeds. The merger created one of the biggest independent agency practices outside London, with Carter Towler occupying a unique position in the property consultancy hierarchy by providing the sort of multi-disciplined services normally associated with the larger national and international firms, combined with an exceptional, regional knowledge base.
The firm has grown consistently since 2008 with clients attracted by a wide range of services, commercial success and customer-focused delivery, managed by an experienced team of directors and senior surveyors handling client relationships on a day-to-day basis.
Carter Towler was represented by Raworths solicitors and DSC chartered accountants and Ashley Smith was represented by Muckle LLP solicitors and J N Straughan Accountants.