Birmingham-based commercial property consultancy City Property Management Services is set for growth after being acquired by Vail Williams.
The deal gives Vail Williams a local presence in the Midlands for the first time.
CPMS, which currently employs a team of six, has a turnover near the #1 million mark and a management portfolio in excess of 400 tenancies. Set up 20 years ago by David Neale, its clients include Birmingham Cathedral, Centro, Gadbrook Estates and British Waterways.
Ian Rudland, chief executive of Vail Williams, which employs 150 staff at nine offices - predominantly in the South-east - said yesterday's deal heralded a new era in the company's history as it looks to expand its operations throughout the country.
"The acquisition of CPMS and the establishment of a regional presence in Birmingham is key to the expansion of Vail Williams, enabling us to extend our footprint into the West Midlands and support our vision of becoming an established national provider of commercial real estate consultancy services," he added.
"It will provide us with a sound foundation and critical mass from the outset. It will also give us a fantastic opportunity to leverage our presence and client base in the area."
David Neale, CPMS principal, said: "This is a very exciting move for the company and our clients. It will enable us to jointly provide extensive national coverage with increased support from experienced and well-liked professionals. It will also enable the company to move forward."
Ross Bendall, previously of property firms CBRE and Jones Lang LaSalle, will join the business as head of the new Birmingham operation following his most recent role as director, head of Birmingham office agency for LSH. In addition, Mr Bendall will also bring with him more than 15 years experience of the West Midlands marketplace.
"The West Midlands market presents a fantastic opportunity for Vail Williams as part of its national growth plans," he said.
"Having been associated with the business for many years and working on some of their corporate accounts, I have a keen understanding of their strengths in real estate consultancy and am delighted to have been asked to drive the business forward."
The acquisition will not result in any immediate staffing changes at CPMS.
However, Vail Williams, which has a turnover in the region of #12.2 million, will be looking to expand the team to meet its growth objectives and will be carrying out a recruitment drive with the intention of doubling staff numbers. To accommodate this expansion, it is likely the business will relocate to a larger office, but stay in the city centre.
Mr Neale will remain with the organisation and become a partner of Vail Williams. Plans for the business also include bringing it into line with Vail Williams' corporate branding in the autumn.