Grafton.
PROJECT BARBARA · DEAL DOSSIER
Cover current as at 8 Jun 2026
Ref J300
Deal Memo · Acquisition Target

Glenn Flegg & Co

Langley, Slough SL3 · sourced via Adam J Walker (Julie Drake) · asset & goodwill purchase (partnership) · est. 1991
Glenn Flegg & Company
Status
Analysis
Verdict
🟢 Pursue
Priority
1
Lettings-led, recurring-heavy, retiring-owner book in our backyard — but the durable post-RRA earnings are the question; the deal rests on the book-value floor.
Chapters 1 Preliminary 2 Analysis 3 Investment Case
Guide£1.10m (£1.01m ex-pipeline)· StructureAsset & goodwill, cash-free/debt-free· MotiveRetirement· SoftwareVeco (Eurolink)· OfficeOne (Langley sold — serviced from 1 Jul)
Owners & key people · updated 8 Jun (broker)
  • Glenn FleggFounder · 60+ · the retiring seller
  • SimoneGlenn's daughter · 20+ yrs · current role unclear — to verify (§9 Analysis)
  • NickNow performs the key operational roles (broker) — but also said to be selling his share; runs Carr Williams → non-compete

KPIs at a glance

SalesLettingsTotal
Revenue LTM to Mar-25£89,907£560,636£650,543
Recurring fee—£440,759£440,759
Recurring %—79%68%
NormalisedReported
Lettings profit FY23 basis£142,620£171,684
× Recurring fee× Normalised EBITDA× Post-AI EBITDA
Asking price £1.01m ex-pipeline2.3×7.1×3.8×
ManagedRent-collectLet-only
Properties 373 let · 349 landlords · re-confirming (§9)2896618
Avg rent (pcm)Mgmt feeRPE (norm.)
Book economics£1,31810%£77,630

Three-case underwriting (run-rate EBITDA, from the model — see Analysis §3 for the durable-earnings caveat)

Downside · Professionalise
£142,620
Sold at 2.4× recurring fee → ~£1.06m ≥ £1.01m price. The floor — capital protected if the book is intact.
Base · Enhance
£210,169
+ off-the-shelf tech, right-sizing, fee optimisation. Entry 4.8×.we underwrite to this
Upside · Transform
£265,436
+ the AI-native run-rate & roll-up leverage. Entry 3.8× — free optionality.
Model headline: ~25% 5-yr IRR · ~2.9× money · ~5.5-yr payback (O4; 65/35 upfront/deferred; Year-5 terminal at 5× EBITDA). The durable-earnings stress test (Analysis §3) is the live caveat.
Chapter 1
Preliminary — the read from the pack & the public record
First pass · no spreadsheet · 4 Jun 2026 · preserved as written. The qualitative case for spending more time.
Recommendation — PURSUE (priority 1). A lettings-led, recurring-heavy, single-office partnership with a retiring founder, in our home patch (10 minutes from Flatman in Burnham). It fits the thesis squarely and is worth full analysis. Two things decide it: (1) the latest full-year (Mar-25) statutory accounts, not yet supplied; (2) whether the management contracts can novate to a NewCo — this is an asset deal, so nothing transfers automatically.
Cover note (8 Jun update): the key-person picture has shifted — the broker now attributes the key operational roles to Nick (while also saying he is stepping back / selling his share), and does not mention Simone; the business is now one office and moving to serviced premises from 1 July; and the managed book may have shrunk (landlords off-loaded pre-RRA). This body is preserved as the 4-Jun read — the detail and consequences are worked in the Analysis chapter (§9, and the durable-earnings stress test §3).

1The opportunity

Independent residential lettings-led agency in Langley, Slough (SL3), trading since 1991, sold via Adam J Walker (J300) as an asset & goodwill purchase (a partnership, not a company). Guide £1.10m incl. £89,907 sales pipeline (£1.01m ex-pipeline), cash-free/debt-free. Software Veco (Eurolink) — SQL-Server, so a full data export is feasible (matters for onboarding).

The book. 373 let — 289 fully managed, 66 rent-collect, 18 let-only — across 349 landlords, no concentration. Average rent £1,318 pcm; fees 10% / 7% / 5%. No HMOs; 100% local; deposits in TDS. The clean, diversified recurring annuity the thesis is built around.

2Ownership & key people (as read 4 Jun — superseded by the 8-Jun update, Analysis §9)

  • Glenn Flegg (founder, 60+, 50%) — the retiring seller; figurehead/brand, not the day-to-day operator.
  • Simone (Glenn's daughter, 25%, 20+ yrs) — read at the time as the operational lead. The 8-Jun update reattributes the key operational roles to Nick and does not mention Simone — now a critical open question.
  • Nick (Simone's husband, 25%) — read at the time as semi-detached; directs Carr Williams + Nazcot Financial. Hard non-compete / non-solicit; check no FS/referral income leaks.

3Public-record scan

Reviews

Birdeye 4.4★ (108); allAgents 98% recommend / 97% fee satisfaction. Positive — professionalism, local expertise; recurring gripe is occasional admin/inspection delay.

Website

glennflegg.co.uk — sales, lettings & full management. Marketed two offices at the time of the scan; since corrected to one office (Analysis §9).

Key individuals

Companies House: Nick directs Carr Williams + Nazcot Financial — a competing local agency & a mortgage business → non-compete + FS-income leakage are live DD items.

Listings · pending

Rightmove / Zoopla / OnTheMarket sweep (available · let-agreed · recently let; asking rents; sanity-check vs the claimed managed book) — to be run by the market-scan skill.

4Risks & DD gaps (initial — full set in Analysis §10)

  • REDLatest accounts. First clean 12-month year (to 31 Mar 2025) not yet supplied; reconcile the ~£26k BQ-vs-statutory gap.
  • REDContract novation. Asset deal → management agreements don't transfer automatically. Assign to NewCo unilaterally, or per-landlord consent? Load-bearing.
  • AMBERKey-person handover and AMBERNick non-compete (§2).
  • AMBERPremises and the AMBER£89,907 "pipeline" (banked recurring or a forward sales year?).

5Next steps

  • Broker-only call with AJW — process, timetable, seller flexibility, the pipeline mechanics, the handover.
  • Pull the missing pack: Mar-25 statutory accounts, FY26 management accounts, the standard terms of business (novation evidence), the premises position.
  • If the read holds → run the analysis skill (build the model; promote to the Analysis chapter). Done — see Chapter 2.