Lettings agency Underwoods has been sold in a seven-figure deal
The Northampton company has been described as a major “success story” for both a mother-and-daughter team and Watersheds corporate finance.
Ten years ago, Karen Southcott wanted to buy a residential letting agency. She approached Watersheds which helps its clients to make money by buying and selling private companies.
The firm, based in Northampton, found and negotiated the purchase of Underwoods, a residential letting agents based in Northampton for over 30 years.
Watersheds has just completed a deal to sell Underwoods Town and County, which also has a branch in Wellingborough, to Countrywide plc.
Karen said: “Underwoods Town and County has a reputation for fair dealing and doing things right, that’s the key. Treating people right. My daughter, Laura Crouch, joined the business and we have worked hard, very hard, to build it up.”
Laura added: “When I had a baby nine months ago, my priorities changed. I wanted to be a mum, not a director and now Karen can retire and concentrate on being a granny.”
David Fletcher, a partner in Watersheds who negotiated the deal, said: “Today is a big day. We have just sold the business for a seven-figure sum to Countrywide plc, a group turning over in excess of £700 million.
“It is a personal success story for mother and daughter team Karen and Laura, but also for Watersheds. From Watersheds’ point of view it is incredibly satisfying to help a client buy a business, build it up and then sell it not just for much more, but also at twice the multiple.”
All the jobs in Underwoods Town and County residential lettings business are secure.