Property management business becomes latest ABS
A property management company based in London has become the latest organisation to be granted a licence as an alternative business structure.
Crabtree Property Management, established in 1983, says it runs more than 17,000 units in a portfolio spread across London and the south of England. The majority are blocks of flats, but the company also manages shops, offices and houses.
It will create a niche property litigation firm, Crabtree Law LLP, when the ABS licence becomes effective from 1 September. James Naylor, who has been with the company for two years, will be head of legal practice.
Crabtree is the 17th ABS licence approved by Solicitors Regulation Authority since it began to approve applications in March. The number of successful applicants has almost doubled this month. The SRA said today it is at the decision stage for a number of potential ABSs and details of further successful applicants will be released in the coming weeks.