Well-known Newport estate agency Nuttall Parker has been bought by Cardiff-based property business Seraph Group.

The acquisition brings Nuttall Parker into the group structure as Seraph Group's second estate agency alongside James Douglas Sales & Lettings, taking total staff size to more than 50.

Seraph Group managing director Douglas Haig said: “This strategic deal is an incredibly exciting one for our business as we look to branch our sales offering further afield from our Cardiff-base and support the already extensive managed property portfolio we have in the area.

“Newport is a fast-growing city and we are seeing a mini-housing boom in the area. It is one of the UK’s fastest-moving property markets with house prices having risen 36 per cent since 2015. We have long-standing roots in Cardiff, the Vale of Glamorgan and RCT and with this acquisition, we are well-placed in the heart of the vibrant Newport housing market.

“When the opportunity came up with Nuttall Parker, it was the perfect fit and ideal acquisition to build on our presence in the area.

"Nuttall Parker is an established brand that is known to residents of Newport and it is vitally important we retain everything that has made this such a successful business.

“This deal represents an excellent opportunity to fully enter into the Newport sales market and have a more local base to continue growing our business.”

The deal sees former director Leigh Edwards continue with the business as a consultant.

Mr Edwards saud: “I am delighted that Nuttall Parker Estate Agents is now part of the Seraph Group. It was clear when I met Douglas that he was very ambitious and focused on growing the business with similar ethical and professional values.”

Nuttall Parker will remain in Newport with all staff retained and Lesley Woodsford-Lloyd managing the day-to-day running of the business from her position as associate partner.

She said: “Being part of the Seraph Group means the team will be supported by a wider property network that benefits clients from its enhanced range of services; including sales, lettings, property management and block management.”

Mr Haig said: “This exciting deal is not just strategic for the growth of our business but it ensures continuity in the Newport area. Nothing changes for us or our clients. We are fiercely proud of Nuttall Parker's Newport roots and want to embrace its fantastic position at the heart of the local community. We look forward to continuing to grow the Seraph Group throughout South Wales and the rest of the UK.”