Wolverhampton headquartered estate agent, Redstones, has expanded its portfolio by acquiring local student letting company Housemates, after securing a six-figure finance facility from HSBC.

Established in 2003, Redstones is one of the largest estate agents in the Midlands with a network of 13 franchised offices. Combined, they serve over 5000 properties each year and the most recent acquisition will allow the business to enter the student letting/house share market for the first time.

Located close to Redstones’ head office base in Wolverhampton, Housemates has been letting student properties since 2006 and employs seven people. Each year it helps the 23,000 students at Wolverhampton University find accommodation and, with the new partnership, Redstones plans to recruit four new members of staff to further expand the business.

Manj Singh, Owner of Redstones, said:

“Redstones has been operating in the Midlands for the last 15 years and my team and I are passionate about serving the local community with an exceptional property portfolio. We’re always looking to take the next step and it’s been an ambition of ours to expand into the student market for some time, which HSBC has now made possible. Our team at the bank completely understand our business goals and, along with the funding, provide us with great business advice.”

Ashley Driver, Head of Centre, Business Banking Direct UK, said:

“Redstones has a fantastic reputation in the region and, during its 15 year history, has taken ambitious steps forward to develop its network. Acquiring Housemates has given Manj and his team a brilliant opportunity to help develop an already well-established business in the student accommodation market and build its client base. We’ve been delighted to support this latest acquisition which will allow the business to tap into a new audience and support the thriving student community.”

HSBC’s Relationship Manager in Birmingham, Dan Pawar, led the deal for Redstones and continues to provide guidance as the company grows.