Award-winning specialist property management solutions provider

Investment date: March 2021

Follow-on investments: 2

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Encore, headquartered in Cambridge, is an award-winning Residential Managing Agent (“RMA”). As one of the largest RMAs in the country, it provides a range of estate management services to over 60,000 properties from its five UK offices of Cambridge, London, Sandhurst, Nottingham and Peterborough. Encore has grown strongly in recent years as a result of its longstanding relationships with housing developers and 16-year track record of providing high quality services to its customers. The business exhibits high degrees of revenue visibility and cash generation from its embedded portfolio as well as pipeline of new developments being onboarded. Encore has been able to outgrow the wider market at >10% across over the last two years due to its reputation for quality, investment in systems and people, industry leading retention rates and customer-centric business model.

“I am hugely proud of what the team at Encore has achieved over the past 10 years and I am excited about the next phase of growth. In QPE we have found a culturally aligned investor who understands the sector and the importance of delivering best-in-class quality services to our customers. We welcome the QPE team to the board and look forward to the value they will bring through their investment experience.”

Joaquim Fillola

CEO, Encore


Encore demonstrates strong alignment with QPE’s core investment criteria with extremely high degrees of revenue visibility, significant management re-investment and compelling opportunities for accelerated growth. Further, Encore is a leader of quality and professionalism in the industry, defined by a core USP of being “‘Big enough to cope, Small enough to care’, which has been re-enforced through exceptional client feedback through our due diligence process. Operating in a large and stable market with highly predictable growth, the market remains highly fragmented and ripe for consolidation. M&A potential is anticipated to accelerate from new regulatory developments and technology investment required to meet customer needs. The new environment will further displace smaller scale providers, leading to attractive buy-and-build opportunities that have already been qualified by the QPE origination team.

Beyond its differentiated market positioning, Encore’s investment in technology and processes has driven above average growth rates and EBITDA margins. Further, it has excellent revenue visibility due to the embedded nature of its services and high quality offering leading to industry leading levels of customer churn. QPE is excited to back a strong management team who are highly capable, quality-oriented and have a track-record of delivering and integrating multiple value accretive acquisitions.

Bolt-on acquisitions


“Encore stood out for us because of its highly professionalised and customer-centric approach. We have been impressed by the business's positive customer feedback from developers, freeholders and RMCs alike, as well as its financial performance. We believe the sector will continue to evolve and become increasingly complex as the regulatory backdrop develops, so will benefit from continued investment and professionalisation. We are delighted to back Joaquim and the team.”

Jonny Kay

Managing Partner, QPE

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