ACQUISITION SERVICES SUPPLIER OF THE YEAR
We’re kicking off the Boom Podcast with someone who’s helped shape the modern lettings M&A landscape, Will Linley, Lucy’s last boss, long-time friend, and a man widely recognised as one of the genuine kings of acquisitions.
In this first episode, Lucy and Will discuss how Linley & Simpson grew from two local branches into one of the most respected names in the industry.
They talk about what it takes to build a business through fair, relationship-led acquisitions, how to integrate teams successfully, and what agency owners should do before thinking about selling.
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From Two Branches to a Yorkshire Powerhouse
Founded in 1997 by Will Linley and Nick Simpson, Linley & Simpson was built on a simple idea: focus on doing one thing exceptionally well.
For the first sixteen years, the business concentrated solely on lettings. That clarity of purpose allowed it to ride the early buy-to-let wave and build a strong foundation before ever considering sales.
Their first acquisition came in 2002, when they purchased Adams Lettings in Harrogate. From there, they grew steadily, completing roughly one deal a year, mostly self-funded and supported by modest bank finance.
Will explains that while the deals became more sophisticated over time, the philosophy stayed the same: growth should be consistent, structured, and above all, fair to everyone involved.
“We twigged early that the best way to grow was through acquisitions, but done fairly and at the right pace.”
The Human Side of Acquisitions
Atomic has always believed that the best deals are built on relationships, not chance encounters and Will’s story proves exactly that.
Many of Linley & Simpson’s acquisitions came from long-term relationships nurtured over several years. In one memorable case, a seller kept Will’s letter by her bedside for five years before deciding the time was right to pick up the phone.
That reputation for fairness and transparency paid off. Will and Nick became known as the people you could trust to deliver a deal that worked for both sides. They weren’t interested in cutting corners or squeezing value; they wanted partnerships that would last.
“A big part of any deal was ensuring it was fair for the seller. That’s how you build a pipeline for years.”
Integration Done Properly
One of the biggest challenges in M&A is what happens after the deal is signed.
Many businesses focus too heavily on systems and processes, forgetting that success depends on the people who make the business run.
At Linley & Simpson, integration was handled with care. Will built a dedicated operations team with a clear plan for onboarding new businesses.
Communication was always a priority, both with incoming staff and existing teams, ensuring that everyone understood their role and felt valued. This approach led to consistently high client retention rates and in many cases, service levels actually improved after the acquisition.
Turning Challenge into Opportunity
When the tenant fee ban was announced in 2016, many agencies panicked. For Will and Nick, it was a turning point.
Concerned about the potential impact, they brought in Lloyds Development Capital (LDC) as private equity investors.
The plan was to grow from around £1.5 million EBITDA to £5 million within three years. They achieved it in two.
That success wasn’t just about money; it was about structure.
Will stepped back from the day-to-day running of branches and began working on the business rather than in it. He focused on leadership, strategy, and empowering the right people to take ownership.
The lesson for any agency owner is clear: if you want your business to scale, you need to let go of control and trust your team.
From Regional Success to National Growth
The merger that followed created a new national platform and Will became Head of M&A for what is now the Lomond Group.
Under his leadership, the team completed 65 acquisitions in just four years, growing EBITDA from around £10 million to £45 million.
It was a period of rapid expansion, but one that still held true to the values Will built his career on: fairness, transparency, and good communication.
“The hardest part of growth is changing yourself as the business scales.”
Advice for Estate Agency Owners Thinking About Selling
Will’s advice to anyone considering selling their business is simple but invaluable: prepare early and get expert help.
The due diligence process can be intense, especially when dealing with large corporate buyers. Therefore, having your financials, compliance, and client accounts in perfect order will save you a significant amount of stress later.
He also stresses the importance of using the right professionals.
A sector-specialist broker can manage the process, maintain confidentiality, and help negotiate the right terms.
And when it comes to legal support, don’t rely on a general solicitor, you need someone who truly understands lettings law and client money protection.
“Be ready for what can be an intense process. It’s worth it, but only if you’re properly prepared.”
Life After the Boardroom
Since stepping away from full-time business leadership, Will has found a new balance.
He now dedicates time to charitable work as a trustee at Martin House Children’s Hospice, invests in a property development company, and is launching a padel tennis business – a fast-growing sport that’s taking the UK by storm.
He’s also an enthusiastic classic car racer, proving that life after exit doesn’t mean slowing down.
“I’m not retired, I’m just choosing what I want to do next.”
Watch the Full Episode
Hit play on the video above to watch Lucy and Will’s full conversation, including the now-famous story about the seller spotted working on a Jet2 flight the day after they agreed a deal.
Thinking of Selling Your Lettings Business?
There’s no perfect time to sell, but there is a right time for you. If you’re thinking about your next step, Atomic can help you prepare, plan, and achieve the best outcome.
Try our free online business value estimator to see what your agency could be worth in less than a minute, or speak to our team for an honest, confidential chat.