Regional agency Vail Williams took a hit of almost £1m on profits last year, following its purchase of niche Birmingham firm City Property Management Services.
In its first results since converting to a limited liability partnership, the firm reported a pretax profit of £3.7m in the year ended May 2007 – down from £4.2m.
Turnover at the 150-strong agency rose by 7% to £12.5m.
Chief executive Ian Rudland said: “During the year in question, the company made a significant number of investments that are reflected in the results. However, it was an investment for the future. We expect that will come through in this year’s results, which are on track to show an improvement.”
A total of 16 equity partners will take a slice of the £3.7m profit, an average of £150,000 each. The highest fee-earner took home £263,000.
Rudland said that the purchase of CPMS had “provided a platform to grow in Birmingham as a fully serviced regional office”.
The agent has also just poached former NB Real Estate director Catherine Thomas to join the Birmingham office as partner.
