Hamilton Fraser has taken full ownership of mydeposits, one of the three Government-approved tenancy deposit protection schemes, following the purchase of the shares of its joint venture partner, the National Landlords Association (NLA).
The scheme has been administered by Hamilton Fraser since it began in 2007 and was backed by the National Landlords Association.
The NLA agreed to sell its stake when it became clear that the best way to improve the operational efficiency of mydeposits would be for Hamilton Fraser to integrate it more closely into its wider group operations. This would have been difficult and complex under the existing corporate governance arrangements.
NLA Chairman Adrian Jeakings said, “mydeposits is working in a highly competitive market, and needs to develop and invest to meet that challenge. The NLA Board thought it was important that we removed anything which might impede mydeposits’ future success. The 20-year long partnership between Hamilton Fraser and the NLA remains strong. As part of the sale agreement, mydeposits will continue to be the NLA’s preferred tenancy deposit scheme, and NLA members will continue to enjoy a 30 per cent discount on mydeposits’ protection prices.”
Hamilton Fraser and mydeposits CEO, Eddie Hooker said, “Hamilton Fraser and the NLA have always sought to do what was best for mydeposits and its customers. Bringing mydeposits more closely within Hamilton Fraser, therefore being able to utilise common operational functions, will enable us to enhance our service and build the business further. While the NLA will no longer be directly involved as a shareholder, it will continue to support mydeposits and promote it to its members.
“In addition, as the private rented sector enters a phase of significant evolution, we hope this move will also highlight to tenants and landlords our commitment to moving towards being a completely independent enterprise which supports both landlords and tenants equally.
We look forward to continuing our relationship with the NLA as their insurance partner through NLA Property Insurance. I have no doubt that as the private rented sector continues to evolve, between us we will find new ways to work together to support landlords.”
mydeposits has successfully protected more than one and a half million deposits since 2007 and over 150,000 landlords and agents use us.