Paul Fosh Auctions and Lettings has snapped up another property rental business and says it is eager to make additional acquisitions this year.

Newport-based Paul Fosh Auctions and Lettings, which acquired Everything Lettings in January, has now acquired the lettings business of city-based John Newell Estate Agents.

The two deals see Paul Fosh Auctions and Lettings more than double the size of its lettings business.

The value of the acquisitions has not been revealed.

The business, based on Lower Dock Street, has been established in Newport for more than 20 years.

It consistently tops the charts in Wales for the number of properties sold and the cumulative annual total value of the sales and stages monthly online property auctions as well as managing an expanding stable of properties for clients.

It now employs a total of 17 people at its headquarters in Newport with six concentrating solely on the expanding lettings side of the business. An increase in head count is expected to flow from the business acquisitions.

Paul Fosh, owner and founder, said: "The acquisition of the lettings business of well-established John Newell Estate Agents is a perfect fit for us as the business covers Newport and surrounding areas. It will allow our already very healthy lettings business to grow even further.

"We were approached by business owner John Newell based on our reputation as a lettings business. John is confident that his client base, most of whom he has known and managed for very many years, will be in good hands with us."

Mr Fosh said the new clients will benefit, as the firm's existing ones do, from the complete Paul Fosh Lettings package.

"Our large team of specialists ensure that our clients and their tenants receive a first class service in terms of response to any problems and quick turnaround for issues such as plumbing and electrical issues, repair and property upkeep."

He said: "We're definitely in the market for making further acquisitions of lettings businesses which we feel are the right fit. We welcome approaches from such businesses looking to be acquired.

"We envisage seeing further expansion in this side of the business in 2023 through acquisition as well as organic growth. We're looking to massively expand this side of the business over the coming years.

"We have been growing organically over the past four years. We're now keen to scale up. Lettings is a scalable business. It's advantageous for a lettings business to operate at a certain scale as this allows staff to specialise.

"We are looking to consolidate our position in South Wales by increasing the density of our activities here as well as at the same time reaching out into newer areas across the Severn, to Bristol and the West Country.

"We already manage properties in Cheltenham, Bristol and Llanelli areas, so we have a broad coverage and experience. The aim, now, is to increase the density of coverage in those areas with the business controlled from our Newport headquarters."

Paul Fosh Auctions and Lettings is to host a meet and greet style event for existing and prospective clients at its headquarters on Wednesday, June 28 from 3pm to 5.30pm. Those looking to attend should contact Paul Fosh Auctions and Lettings on 01633 254044 or email paul@paulfoshauctions.com.