Clifford and Gratton are joined by Simon Jackson, group MD of Shepherd Direct, the national surveying firm of which Gratton is also an director and which owns Direct Valuations, moneyQuest mortgage brokers and Shepherd Chartered Surveyors.
Contrary to press reports earlier in the week Clifford has founded Direct Lettings as a standalone business which is outside the Shepherd empire but shares common shareholders and directors.
The Direct Lettings trading style and operating model were established in 2011 when the firm started to acquire assets, select delivery partners and it began hiring key staff three months ago. DL took control of nearly 2,000 properties in early July and now has offices in Dundee and Nottingham.
Clifford said: “Direct Lettings is the most recent launch and the early signs are excellent. I'm personally delighted to be working with Paul and Simon on another start-up and to be part of the ambitious plans we're implementing.
“The property lettings and management market is a perfect example - a cottage industry crying out for more technology, structure and economy of scale to be deployed.
“We have interests in a number of companies all of which have a connection with the property market, such that residential lettings is a natural and relevant diversification for us. We explored the possibility over a year ago and have been looking closely for the right entry opportunity."
And he added: "It's clear to me that all sorts of intermediaries could generate a significant income stream from residential lettings - without any direct involvement or distraction from their core business.
“For instance, we see a model which rewards mortgage brokers for referrals of buy to let landlords to Direct Lettings and also a franchising opportunity we will be unveiling in Autumn."
