ACQUISITION SERVICES SUPPLIER OF THE YEAR
If you own a lettings business, one of the biggest questions is always the same: what would a serious buyer actually value?
Is it the size of the portfolio?
The location?
The fee income?
The team?
The systems?
The reputation?
In reality, it is usually all of those things working together.
The Settio to Dwelly transaction is a useful example of that in action.
Settio was not simply a business with an impressive managed portfolio. It was a fast-growing, multi-location lettings business with strong recurring income, a skilled team, clear systems, international reach and a reputation built around service.
That combination matters.
Buyers are still active in the lettings market, but they are selective. They want businesses that can stand up to scrutiny. They want stable income, good information, strong landlord relationships and an operational structure that gives them confidence.
But this transaction is also about something else: preparation.
Atomic Consultancy had worked with Settio over a number of years before going to market, helping the business understand its value drivers, consider the buyer landscape and position itself for the strongest possible outcome when the time was right.
Acting as broker for Settio, Atomic managed a structured process that generated interest from strategic buyers and helped connect the business with Dwelly as the right partner for its next stage.
Lucy Noonan, Founder of Atomic Consultancy, said:
“Settio is a brilliant example of what can happen when a strong business prepares properly before going to market. We had worked with the team over time, helping them understand the value within the business and position it in the right way. When the time came, the level of interest reflected the quality of what had been built. Our role was to act for Settio, manage that interest carefully and help connect them with the right strategic buyer in Dwelly.”
A Fast-Growing Lettings Business Built Around Scale, Service And Reputation
Settio Property Experience Ltd was established in 2017 by Samuel Fitz-Hugh and Christopher Parsonage, with a clear aim: to deliver a better, more positive property experience.
In a relatively short period of time, that idea became a substantial lettings business with a strong presence across Manchester, London and Birmingham.
Those locations matter.
Settio was operating in three of the UK’s most active rental markets, giving the business both scale and exposure to areas with strong tenant demand, investor activity and long-term rental appeal.
By the time of the transaction, Settio had more than 1,800 properties under management, supported by a sizeable team and a clear operational structure across its offices.
This was not a small agency with a good rent roll. It was a substantial, multi-location lettings business with the people, systems and management information needed to support growth.
The business was predominantly lettings-focused, with a smaller sales pipeline. Its lettings model was particularly focused on high-quality new-build units, supported by strong relationships with overseas landlords.
More than 85% of Settio’s clients were overseas landlords, giving the company a distinctive client base and genuine international reach.
From a buyer’s perspective, the fundamentals were strong. Settio had scale, recurring managed income, an established team, a defined operating model and a strong pipeline for future growth.
Those points are important, but they are only part of the story.
Buyers also look at the quality behind the numbers. They want to know how a business is run, how strong the team is, how reliable the income is and whether the reputation can support future growth.
Settio had worked hard to build that reputation. The business had earned consistently strong reviews and was regularly recognised for its professionalism, responsiveness and modern approach to property management.
For a buyer, that matters because they are not only acquiring income. They are acquiring relationships, staff, reputation, systems and future opportunity.
Laura Cooper, Acquisitions Director at Atomic, commented:
“What stood out with Settio was the balance between scale and structure. It was not just a large managed portfolio. It was a business with a strong team, clear locations, good information and a service-led reputation. Those things make a real difference when buyers are assessing quality.”
Why Managed Lettings Portfolios Remain So Attractive To Buyers
For many buyers, the managed lettings portfolio is still one of the most attractive parts of an agency business.
Recurring Income Gives Buyers Confidence
That is not hard to understand.
A strong managed portfolio can provide recurring income, ongoing landlord relationships and a level of stability that is very different from relying mainly on one-off sales transactions.
It gives a buyer something they can understand, measure, and, if the fundamentals are strong, build on.
For investors, landlords and acquisition-minded lettings businesses, well-managed portfolios sit within a sizeable market, they are linked to recurring income, and they can provide a platform for future growth when managed properly.
Market Conditions Continue To Support Lettings Demand
There is also a wider market context behind that buyer interest.
The private rented sector remains a major part of the housing market. The English Housing Survey 2024 to 2025 found that the private rented sector accounted for 19% of households in England, making it the second-largest tenure group after owner occupation.
Rental income has also continued to rise. According to the Office for National Statistics, average UK monthly private rents increased by 5.0% in the 12 months to October 2025, reaching £1,360 per month.
Sector commentary supports this, too. Property Industry Eye reported that businesses geared towards lettings and management have remained robust and resilient targets for investors, partly because of the UK’s housing supply issues.
Rightmove’s Lettings in Focus 2025 report also highlights the ongoing investor context, reporting an average annual rental yield of 6.3% in Q2 2025 and stating that one in five landlords claimed to be looking to expand their portfolio.
Size Alone Is Not Enough
A large portfolio will always attract attention, but serious buyers look deeper.
They want to understand the quality of the landlords, the strength of the management fees, the reliability of the income, the condition of the systems and how dependent the business is on any one person, landlord or location.
That is where the real value often sits.
A managed portfolio becomes more attractive when it is supported by good people, clear processes, reliable data, strong client relationships and a service standard that gives buyers confidence after completion.
The Business Behind The Portfolio Is What Creates Long-Term Value
Buyers are often thinking beyond the deal itself. They are asking:
Can this income be retained?
Can the team continue to deliver the service?
Are the landlords likely to stay?
Are the systems and processes strong enough?
Is there room for further growth?
Will this business integrate into our own plans?
When those answers are positive, a managed lettings portfolio becomes much more than a list of properties.
It becomes a platform for future growth.
Settio is a good example of this principle. The value was not just in the portfolio itself, but in the business behind it: the team, the systems, the landlord relationships, the service reputation and the visible route for further growth.
This is why preparation and positioning matter so much when selling a lettings business.
Buyers need to see the real quality behind the portfolio. They need to understand the income, the relationships, the team, the systems and the growth opportunity in a way that is clear and credible.
For agency owners, the lesson is simple.
If you are building a lettings business with a view to a future transaction, the value is not only in the number of managed properties. It is in the strength, reliability and transferability of the business behind them.
Strategic Buyer Interest Helps Demonstrate Value
When agency owners think about a future transaction, it is natural to focus on the end result.
But the route to that result matters.
A well-run process can help demonstrate value, create meaningful comparisons between buyers and give sellers the confidence that the right opportunities have been properly explored.
In Settio’s case, Atomic acted as broker for the business and generated positive interest from multiple strategic buyers. That interest helped demonstrate the strength of the opportunity and supported a strong outcome for Settio.
However, this was not about creating interest for the sake of it.
The aim was to manage a proper process, understand which buyers were credible and ensure the founders could make a clear decision based on more than just headline numbers.
A strong offer can look attractive at the start, but the best outcome depends on much more than the headline figure. Sellers need to understand the buyer’s intentions, funding position, approach to staff and service, and ability to move through the process without unnecessary delay.
That is where specialist guidance becomes important.
Atomic’s role was to work on behalf of Settio, manage the process carefully and help the founders connect with a buyer that understood the business, recognised its value and could support the next stage of its journey.
Why Dwelly Was The Right Strategic Partner For Settio
Once there is serious strategic interest in a business, the next question becomes: who is genuinely the right fit?
For Settio, that answer was Dwelly, a tech-driven lettings agency with the ambition, approach and appetite to support the business moving forward.
The fit made sense because Settio had already been built around a modern, service-led approach to lettings and property management.
It was not an old-fashioned agency model. It was a business with scale, systems, a strong team and a clear understanding of the markets it served.
That made alignment important.
The founders wanted a buyer that understood what had been built, valued the people within the business and had the capability to support future growth.
Dwelly’s forward-thinking approach, combined with its focus on lettings, technology and operational improvement, made it a natural strategic partner.
Sam Humphreys, Head of M&A at Dwelly, led the buyer side of the transaction. On the seller side, both Samuel Fitz-Hugh and Christopher Parsonage were closely involved throughout the process, supported by Atomic’s team.
The transaction also represented new potential opportunities for the founders.
It is likely that both will remain involved with Settio/Dwelly after completion, helping to develop the international side of the business. This gives the transaction a clear sense of continuity, while allowing the founders to move into the next chapter in the right way.
Lucy Noonan, Founder of Atomic Consultancy, said:
“A sale like this is not just about matching a business with a buyer on paper. It is about understanding what the sellers want, what the buyer is trying to achieve and whether the two genuinely fit together. Dwelly brought the ambition and forward-thinking approach that made them the right strategic partner for Settio, and that alignment was clear throughout the process.”
Samuel Fitz-Hugh, Co-Founder of Settio, commented:
“Chris and I had consulted with the team at Atomic on a number of occasions before going to market, to ensure we understood the buyers in our market and how we might position Settio when the time came.
Lucy understood Settio’s USPs and our vision for the business, which resulted in the right introduction at the right time. The match in our businesses’ vision was clear, and the opportunity to future-proof Settio’s growth trajectory, client experience and team made Dwelly the right match for us.
Selling a business was not something we had done before, so the guiding hand of Lucy and the Atomic team was invaluable. They understood Settio, the numbers behind the brand, and helped us navigate a complex due diligence and legal process on schedule.”
A Smooth Transaction Starts With A Well-Run Business
One of the most telling parts of the Settio transaction was not that it was complicated.
It was that, for a deal of this size, it ran remarkably smoothly.
That is worth paying attention to.
When a lettings business reaches a certain scale, buyers will naturally ask more questions. They want to understand the income, the portfolio, the staff structure, the systems, the leases, the pipeline, the client base and the risks.
That level of scrutiny is normal, but it can quickly become stressful if the business is not ready for it.
In Settio’s case, the process was helped by the fact that the sellers knew their business properly. They had built a sizeable operation, but they also understood the detail behind it.
That made it easier for buyers to assess the opportunity with confidence and helped the transaction keep moving.
For other agency owners, there is a clear lesson here.
A smooth transaction rarely happens by accident. It is usually the result of good preparation, strong management information and a business that has been run with proper structure long before a buyer is involved.
That does not mean every document has to be perfect from day one.
It does mean that sellers need to be able to explain their numbers, evidence their income, show how the team operates and answer buyer questions clearly.
This is where a specialist broker can add real value.
Atomic’s role was to manage the process, keep momentum, support the sellers and help make sure buyers had the information they needed without allowing the transaction to lose focus.
Jason, who project-managed the transaction for Atomic, commented:
“This was one of the smoothest transactions I have worked on, and a lot of that came down to the sellers. They knew their business, they understood the detail and they were responsive throughout the process. When a business is run well and the sellers are engaged, it gives buyers confidence and makes the whole transaction far easier to manage.”
What Other Lettings Agency Owners Can Learn From The Settio To Dwelly Deal
Every transaction is different, but the Settio to Dwelly deal highlights several points that are relevant to any lettings agency owner thinking about the future.
Preparation Can Start Years Before A Transaction
One of the most important parts of this story is that Atomic had worked with Settio over time before going to market.
That long-term preparation helped ensure the business was understood, properly positioned and ready to be presented to the right strategic buyers when the time came.
For agency owners, this is an important lesson.
You do not have to wait until you are ready to sell to start preparing. In many cases, the work done months or years before a transaction can have a major influence on the final outcome.
Buyer Demand Is Still There For Quality Businesses
Good lettings businesses are still attracting serious attention, especially where there is recurring managed income, strong landlord relationships and a business that can keep performing after completion.
Settio’s interest from strategic buyers reflected the quality of the business, but also the way it was positioned.
Buyers Look Beyond Headline Numbers
A large portfolio is valuable, but it has to be supported by the right foundations.
Buyers want to see clean information, a reliable team, clear systems, sensible processes and income that feels secure and transferable.
The Right Strategic Partner Shapes What Happens Next
For many founders, the decision is not purely financial.
Staff, landlords, tenants, reputation and future growth all matter.
That is why the right buyer, or the right strategic partner, can shape what happens long after completion.
Laura commented:
“For owners thinking about a future transaction, the biggest advice is not to leave everything until the point you want to go to market. The businesses that tend to attract the strongest interest are the ones that can clearly show how they operate, where the income comes from and why a buyer should have confidence in what happens next.”
For lettings agency owners, the takeaway is clear.
If you want to build a business that attracts strong strategic interest, focus on more than growth alone. Build something organised, transferable and resilient. That is where long-term value is created.
Thinking About The Future Of Your Lettings Business?
Selling a lettings business is not something most owners decide overnight.
For some, it is part of a long-term succession plan.
For others, it comes after years of growth, changing priorities or simply reaching the point where they want to understand what options are available.
You do not need to be ready to go to market tomorrow to start thinking properly about the future.
In fact, the earlier you understand what buyers value, how your business may be viewed and what preparation could strengthen your position, the better placed you are likely to be when the time is right.
The Settio to Dwelly transaction is a useful reminder of that.
Strong businesses attract interest, but the best outcomes come when the process is handled carefully, the business is positioned properly and the seller has the right advice around them.
Atomic Consultancy works with estate and lettings agency owners across the UK, helping them understand value, prepare for sale, access serious buyers and manage transactions through to completion.
If you are considering the future of your lettings business, or simply want to understand what your options could look like, Atomic can help you take that first step with clarity and confidence.