• DC Advisory (DC) advises Queen’s Park Equity (QPE) on the successful MBO of Encore, a leading UK-based property management solutions provider
  • Founded in 2004, Encore manages over 27,000 properties across the UK
  • The Company focuses on an attractive blend of property portfolio types, ranging from large developer controlled estates and freeholders through to leaseholders and Resident Management Companies
  • Encore benefits from excellent levels of earnings visibility, driven by low churn among its client base and predictability of management fee income
  • The Company has also demonstrated impressive organic growth and high margins relative to its competitors


  • DC, led by James Pople, was appointed by QPE to provide buy-side M&A services to support the acquisition of Encore
  • Working closely with the QPE team and their other advisors, DC provided valuation support, strategic advice, and sector insight throughout the process along with a detailed exit review
  • In particular, DC helped QPE to understand the key property management market dynamics and the quality of Encore as a platform investment, as well as the growth levers and exit options open to Encore


  • On 2 March 2021, QPE completed the MBO of Encore, backing the incumbent management team to drive the business forward in its next phase of growth
  • The property management market is large, stable and highly fragmented. In particular, providers of scale, such as Encore, stand to benefit from a number of sector tailwinds that will favour established providers in the coming years
  • Through the next stage of their development, Encore is expected to continue to deliver impressive organic growth. With the QPE team’s track record of successful buy and build platforms and digitisation programmes, it is very well-placed to capitalise on existing market fragmentation and the opportunities that increased regulation will bring
  • The transaction further enhances DC’s strong track record in the property services sector
  • Terms of the transaction were not disclosed

“QPE is delighted to have worked with DC Advisory on this transaction. Their sector knowledge and relationships were particularly helpful, alongside their technical input, commitment and hard work in supporting us to efficiently execute a successful transaction within a challenging environment. We would like to thank James and the DC team for their efforts and look forward to working with them in the future.”

Jonny Kay
Managing Partner, Queen's Park Equity

“We are very pleased to have had the chance to advise Jonny and the QPE team on one of the early investments in their inaugural fund. Encore has built a reputation as being among the highest quality platforms in the UK residential property management sector, and with the QPE team’s impressive track record in creating value through acquisitions and in sectors undergoing regulatory change, we are very confident that the next stage of Encore’s development will be exciting.”

James Pople
Managing Director, DC Advisory