In a strategic move aimed at bolstering its offerings ahead of significant regulatory changes, OpenBrix has acquired the well-established tenant referencing firm, FCC Paragon.
With over 35 years in the industry, FCC Paragon is a trusted name in providing tenant references, a service crucial for landlords and letting agents across the UK.
This acquisition comes as part of OpenBrix’s broader strategy to expand its tenant platform, tlyfe, which is among the largest single-source platforms for registered tenants in the UK.
Adam Pigott, CEO of OpenBrix, reflected on the long-standing relationship between the two companies, saying, “We’ve been collaborating with FCC Paragon for over three years, developing deep integration with their tenant referencing and our tlyfe Rent Ready pre-qualifying references together with their rental warranties. They’ve always been a strategic partner in our plans, so this feels more like the alignment of shared goals. FCC Paragon’s references and customer service are second to none and this is an opportunity to further build and expand on this strong foundation.”
The acquisition is expected to enhance OpenBrix’s ability to offer a seamless and comprehensive service to landlords, letting agents, and tenants, with a particular focus on improving the tenant referencing process and expanding rental warranties.
Industry changes drive increased demand
The timing of the acquisition is particularly significant with the upcoming implementation of the Renters Rights Bill in 2025, a piece of legislation expected to drastically reshape the rental sector.
John Hards, Chairman of OpenBrix and former MD of Countrywide Lettings, commented, “With the Renters Rights Bill coming into effect in 2025, the demand for high-quality reference provision and supportive Rental Warranties will be higher than ever. The timing of our acquisition of FCC Paragon couldn’t be better. We are very excited and fully committed to enhancing the depth and quality of the service for all our customers.”
The new legislation is expected to increase the need for comprehensive tenant referencing services, making this acquisition an opportune moment for OpenBrix to consolidate its market position and expand its range of services to meet growing demand.
FCC Paragon says this ‘acquisition is a natural progression’
Bryn Cole, Managing Director of FCC Paragon, expressed his enthusiasm for the acquisition, saying, “We’ve built a strong relationship with the OpenBrix team over the years, and this acquisition is a natural progression. OpenBrix’s vision and the availability of significant resources will take FCC Paragon to another level, further expanding our already comprehensive suite of products and services. I couldn’t be happier for our staff and the future reputation of the company.”
With this acquisition, OpenBrix is poised to strengthen its influence in the rental sector, offering innovative solutions in tenant referencing and warranties.
The company’s strategic move positions it for continued growth and success, particularly as regulatory changes and market dynamics continue to evolve.