As part of the deal Connells has been awarded an exclusive long-term contract to deliver valuation panel management services to Principality and all Principality’s Chartered Surveyors and associated staff will join the firm.
Ross Bowen, managing director for Connells Survey & Valuation, said: “I am delighted Connells Survey & Valuation has been appointed to deliver the Principality Building Society’s entire valuation panel management services.
“The addition of Principality’s surveying team into Connells Survey & Valuation also marks the latest step in our annual £6m expansion plan announced at the end of 2013.”
Connells Survey & Valuation increased its surveying capacity by 30% last year and is on track to recruit a further 100 Surveyors in 2014.
This includes graduate trainees as well as qualified Chartered Surveyors from across the property industry.
Bowen said: “The incoming Principality team is a great boost to our established servicing capability and commitment to Wales, and ties in perfectly with our ongoing expansion plans.”
The deal also involves leading estate agency and property services provider the Connells Group acquiring Peter Alan, an estate agency business with 26 branches across Wales, from Principality Building Society for £16.4m.
Graeme Yorston, chief executive officer for Principality Building Society, said: “After undertaking a strategic review in which we determined that Peter Alan and our surveyors business would be better supported within a group of similar businesses to ensure their potential is optimised, we are now delighted that Connells Group has acquired Peter Alan and to have appointed Connells Survey & Valuation to deliver the Principality’s valuation services.
“Connells’ expertise means they are ideally placed to provide additional ongoing investment to support these business’ future success. We will watch with pride and interest as Peter Alan and the surveyors business continue to grow and prosper under their new ownership.”
Peter Alan will continue to trade under its existing brand with managing director Andrew Barry reporting to Connells group estate agency chief executive David Plumtree.
