FINANCIAL services company Braemar Group has splashed out more than £500,000 to buy the property management assets of estate agent chain Main & Main.

AIM-listed Braemar, which is based in Hale, says the deal will `significantly boost' its market share in the property management industry.

The £525,000 acquisition will increase Braemar's portfolio of managed properties to more than 2,500 units and secure a strong position in the north west market. Braemar is retaining the nine Main & Main staff, who will move from Heald Green to Braemar's head office.

The Main & Main apartment management division is the managing agent for around 110 blocks of apartments, with over 2,000 individual units, on behalf of management companies and tenants.

It levies and collects annual service charges and is responsible for arranging maintenance, for which it receives a fee pay-able by each management company. The unaudited management accounts of the division for the year ended March 31, 2007, show a profit of £55,000.

Howard Jones, leader of the M&M team, will join Braemar to head the property management division as a divisional director.

Marc Duschenes, chief executive of Braemar, said: "The Main & Main transaction is an important step in our plans to scale-up our property management services.

"This will reduce our exposure to the ups and downs of residential property investment sentiment."

Braemar's managed properties are spread across the UK, with the majority of its units in the north west, Berkshire, Kent and Yorkshire. The units are primarily new-build apartment blocks.

The deal is expected to be completed by the end of this month Tweet