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SilverDoor creates giant apartment specialist with £2m deal

Serviced apartment provider's inventory grows to 160,000 properties worldwide

Pictured: SilverDoor MD Marcus Angell, owner Angie Angell and commercial director Stuart Winstone

Serviced apartment provider SilverDoor has acquired the parent company of rival accommodation specialist Citybase for more than £2 million.

The agent, which now has an inventory of 160,000 serviced apartments worldwide, has created a new umbrella parent company for both SilverDoor and Worldview – which counted Citybase among its portfolio, after completing the £2.25m deal.

SilverDoor posted a £486k profit in the year-ended 31 October 2014 – almost doubling the previous year’s figures, according to the most recent accounts filed at Companies House. Around 98 per cent of the company’s serviced apartment reservations come from business to business clients.

MD Marcus Angell said: “The serviced apartment market is set to double in size over the next two years and now is the ideal time to consolidate and strengthen our position as the world’s leading agents. We’ve always strived to raise our serviced apartment industry standards and we’re excited that this new proposition will provide clients with an unrivalled booking experience and a greater range of serviced apartment options. SilverDoor and Citybase provide two very successful yet distinct offerings which complement each other perfectly.”

The new company has 130 employees and forecasts a combined turnover of £75m.

Citybase co-founder Stuart Parker added: “We share a belief that between our brands we offer the world’s finest serviced apartment booking solutions for business travellers and private clients. Our combination of the most cutting-edge and effective technology alongside exceptional, award-winning account management will ensure the SilverDoor & Citybase brands continue to be recognised as the global serviced apartment specialists.”

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