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TODAY'S OTHER NEWS

Rent protection specialists merge to offer agents and landlords ‘peace of mind’

Leading rent protection firms Barbon Insurance Group, trading as HomeLet and Rentshield Direct, and Let Alliance have today joined forces and will now operate under the name of Barbon Holdings Limited. 

The combined businesses, which will continue to trade separately under their respective brands, offer the widest portfolio of protection solutions and ancillary services to letting agents and their landlords.

The merger comes at a pivotal time within the rental sector, following the introduction of the Tenant Fees Act in June. 

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Martin Totty, group chief executive of Barbon Holdings Limited, said: “Bringing the two organisations together will enable an increased investment into technology and product innovation, generating incremental income or lowering operating expenses. It is a prerequisite that we will constantly look for opportunities to develop our proposition and enhance our customers’ businesses.

“Our market is changing and the needs of customers will change as a result, he said. Customers need solutions that protect, help generate income and can be embedded into their own propositions.”

 

Totty added: “Letting agents and their landlords are looking for peace of mind that strategic supply partners deliver quality and value, are financially resilient, well capitalised and with balance sheet strength to meet future liabilities on products and services they sell today where customers may have use of them much later. 

“We also recognise that customers can no longer afford the time or resources required in conducting risk assessments and due diligence on the viability of small firms with limited solutions.

“Combining the robust and longstanding Barbon business with the creativity and breadth of product portfolio of Let Alliance - both with deep experience in regulated financial services - creates a scale provider of lettings protection solutions that has the potential to invest and innovate better than if the brands remained independent.”

Founder and chief executive of Let Alliance, Andy Halstead, said: “Letting agents are consolidating and local firms are merging in order to build scale and thrive in the future. Strategic partners and suppliers like us need to understand the needs and challenges that letting agents experience and consider how they provide support and solutions.

“The merger allows us to focus all our combined resources on further developing our proposition for customers. We are ‘fit for the future’ and have the financial strength to deliver exactly what our customers need. The world just got a whole lot better for letting agents: the next phase of our journey together will be exciting and seriously valuable for customers.

“The merger gives us access to resources that we could only dream of as an independent and it gives us the scope to carry on as Let Alliance and remain true to our values and customer commitments.”

“Barbon Holdings Limited is majority owned by The Carlyle Group, an international alternative asset investor.” 

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    • 07 November 2019 00:30 AM

    So as many including me have predicted LA etc are having to combine with eachother and other industry participants and downsize to cope with the effects of the TFA.
    This might be considered to be a good thing in forcing out the less robust operations.
    But it is clear than many LA were dependent on tenant fees for business viability.
    Whether that should have been considered as a viable business model is up for debate.
    This is the equivalent of S24 for LA.
    I am not interested in supporting LA at all as they showed no support for LL with the JR over S24.
    So much like with S24 LL being forced out of business so now are LA due to the TFA.
    However it could well be that the LA industry becomes a far more robust; effective and efficient employing far fewer.
    But this situation just shows how fragile the business model of the PRS can be undone by a changed Govt policy.
    The two most significant new policies being S24 and the TFA.
    There could be other similar policies that could equally damage the PRS.
    We haven't even considered the evil Labour Party plans for LL expropriation on what must be the most lunatic policy proposal ever seen of RTB for private tenants.
    Property rights are sacrosanct in Western democracies.
    Any undermining of such rights will devastate the economy.
    One interferes in the value of property at your peril.
    It is tenants who should be s######g themselves that their LL will sell up to avoid expropriation.
    It would be madness for a LL to remain so if this Labour RTB policy is ever introduced.
    That would result in mass homelessness and plunging property values across the whole UK.
    This would immediately increase LTV on all mortgaged properties and would require many LL to pay cash to banks to reduce LTV to cover covenants.
    This would be impossible for most LL to achieve.
    Banks would then call in mortgages which would result in a run on the banks as property values exponentially decreased.
    Banks are so dependent on the property market to sustain their business.
    Any reduction in the underlying asset value of properties will cause a UK wide recession possibly leading to a depression.
    Vote Labour at your peril!!


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    A vote for Labour is a vote for homelessness!

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    But is the average tenant clever enough to see this ?

     
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    • 07 November 2019 11:14 AM

    Nope most tenants are clueless as to how their rental property is made viable.
    It will come as shock to them when they are made homeless by the LL selling up due to a Labour Govt.

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    The problem is, will anybody be willing to purchase your property if Labour get elected?
    Surely, it would be difficult to sell once people realise that the value is likely to plummet?
    Also, with a mass exodus from the PRS, buyers are going to become suspicious and the media will get hold of this and it would result in a property market crash.
    I am just hoping that Corbyn doesn't get elected, as we are in a 'catch 22' position unfortunately.

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    • 07 November 2019 11:35 AM

    @johnhughes
    Totally agree with you unfortunately!!

    An evil Labour Govt will decimate residential property values.
    LL are faced with having to sell due to S24.
    Many will face bankruptcy as sale values fail to meet mortgage debts.
    Truly a nightmare.
    Residential homeowners will be trapped as their property values plummet.
    It will be far worse than the early 90's.
    The whole property market will freeze up.
    Nobody will be foolish enough to invest in rental property with the threat of RTB expropriation.

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