Castledene Group plan to double revenues
Sep 3 2010 by Iain Laing, The Journal
A PROPERTY company which says it offers a one-stop shop for buy-to-let investors expects to double its revenues after a couple of acquisitions.
Easington-based Castledene Group has just sealed a deal to buy lettings business Interlet North East from Seaham estate agency Kimmitt and Roberts which brings under its management 400 properties to add to the 600 it already looked after.
And the firm, which was launched less than two years ago by former health and safety professional John Paul, is about to sign a deal to take over a smaller lettings agency in Bishop Auckland.
The first deal will take its turnover from nearly £400,000 to £700,000 and the next is expected to take it to around £780,000.
Castledene’s growth is being fuelled by the still low prices of the small terraced houses in East Durham and the confidence of investors that they will get a decent return for their investment.
Mr Paul said: “Before I started this I was working in health and safety for my dad’s engineering firm and then for another company. But I bought a couple of cheap houses and saw the potential.”
His group has a business selling properties to let, Castledene Property Investments, and a letting and property management.
