Sourced, a property investment firm, has acquired Open House Estate Agents. This acquisition adds 104 franchisees to Sourced's network, expanding its operations into estate agency and property auctions.
Open House will continue to operate under its existing brand and business model. Its franchisees will join Sourced's network, which now includes more than 230 franchise operators.
The acquisition brings together two Warrington-headquartered property businesses. Sourced, which currently operates in property investment, finance, lettings, and property management, will now include residential sales and auctions in its offering. Open House franchisees will also gain access to Sourced's infrastructure, including an acquisition funding programme.
Stephen Moss, head of Sourced, stated that the immediate focus will be on identifying opportunities across both franchise networks rather than altering the Open House business model.