August 3, 2021
Exciting times are ahead for Barbon Insurance Group (‘Barbon’), the country’s leading tenant referencing partner to professional letting agents, through Let Alliance and HomeLet. The forecast reflects the acquisition of Rent4sure by Barbon, which is part of PIB Group Ltd (‘PIB’). The new home will see Rent4sure unite with Let Alliance and HomeLet.
As a new trio, they will be able to offer an even stronger proposition to the market, thanks to a number of synergies. The collaboration brings together Rent4sure’s technological innovation together with the referencing and insurance expertise of Let Alliance and HomeLet, so that customers get the best of all worlds. They will continue to trade under their respective brands, while developing the new generation of products and services for letting agents.
Rent4sure is the all-in-one lettings platform for UK agents providing specialist services and expert support alongside the latest referencing software, to help letting agents grow their business with security and confidence. Formed in 2009, Rent4sure has grown organically via a combination of wider distribution, product diversification and investment in software solutions for interface with agents and suppliers. At the helm is CEO Tim O’Hara and COO Luke Burton who lead the 75-strong people team across Dover, Norwich and Reigate.
In a rapidly changing market, where property professionals face an increasing number of challenges, the partnership provides significant opportunities for growth and diversification. Investment from PIB along with strategic planning to enhance and broaden Rent4sure’s proposition will ensure the business is highly resilient and able to meet the distinct needs of letting agents for many years to come.
Luke Burton, Chief Operating Officer for Rent4sure, said the acquisition was an exciting new chapter for the company. He commented: “I’m delighted that Rent4sure has been acquired by PIB Group and we look forward to working with our new colleagues at Let Alliance and HomeLet. This development allows us to build on 11 years of innovation as a lettings software and systems specialist. Working on a shared vision with our new colleagues means we can add more value to our portfolio, while retaining our unique brand.”
The move significantly strengthens Rent4sure’s proposition and customers will enjoy access to enhanced rent protection and agent-led insurance.
Meanwhile, the acquisition is well aligned to the ambitions of Let Alliance and HomeLet who continually seek opportunities to add to their outstanding services and value offered to professional letting agents. This has led to the businesses providing the largest Rent Guarantee portfolio in the UK, protecting more than 150,000 tenancies. On an annual basis, they also complete over 1,000,000 tenant references and pay more than £4,000,000.00 in commission to letting agents.
Luke Burton commented: “A strengthened Rent Protection solution will bring customers unrivalled levels of protection and sit alongside additional in-demand products such as Tenant’s Liability Insurance and Landlord’s Buildings and Contents Insurance. Agents will have access to the highest calibre full service insurance proposition. Our commitment to excellent customer service and one-to-one partnership, powered through our bespoke, custom-built platform, remains as strong as ever.”
Future investment and growth
There is a lot to look forward to all-round. Through Rent4sure, a further 200,000 tenant references will be added to the portfolio of customers serviced by PIB, giving these professional letting agents access to some of the best in market products and services. Meanwhile work is also underway with a multi-million pound investment into technology for the benefit of customers.
Andy Halstead, Chief Executive Officer for Barbon Insurance Group, commented: “This is a brilliant opportunity, and all our customers are poised to benefit from the deal. Rent4sure has a great reputation in our marketplace, and Tim and Luke have built a professional business with an outstanding team of people supported by market leading technology. Everything we do is about our customers and delivering a service that our customers love. Rent4sure bring 2000 new customers to our Group, adding to our scale and firepower. We have the resources to deliver unrivalled value to our customers. I can’t wait to get cracking with our new colleagues and customers.”
Acquisition pipeline This is PIB’s sixth investment of 2021, with the Group’s acquisition pipeline remaining buoyant in the UK as well as overseas for further international growth. Brendan McManus, CEO for PIB Group commented: “I’d like to extend a very warm welcome to all our new colleagues from Rent4sure who are joining PIB Group. Their excellent reputation in their market makes them a fantastic addition and great fit for our strong lettings proposition through HomeLet and Let Alliance. Together, all three of these leading brands to the lettings market present significant growth opportunities. At the same time, customers can continue to enjoy high levels of service and benefit access to a broader range of products and services, as well as specialist insurance solutions available across PIB Group.