Hamilton Fraser purchases TDS from NLA

by Readers Question

11:06 AM, 4th February 2019
About 2 years ago

Hamilton Fraser purchases TDS from NLA

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Hamilton Fraser purchases TDS from NLA

Hamilton Fraser (HFIS plc) has taken full ownership of Tenancy Deposit Solutions Ltd (TDSL), which runs 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 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.”


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Comments

Paul Shears

9:12 AM, 5th February 2019
About 2 years ago

MyDeposits was a very efficient and slick operation when I first started using them many years ago. Since then it has become a very burdensome bureaucracy. What used to be done with a single quick phone call wherein I gave direction to my "employees", has steadily developed into an expensive overhead that takes hours of work, multiple meetings with tenants at various locations which can drag on for weeks or even beyond the current regulations.
The "takeover" will inevitably make matters worse as the scale of the operation increases and I am forced to deal with yet more powerless process followers who, even if they have some judgement, are powerless to use it.
It's ever the decaying case in every walk of life in first world countries. Very few people actually do anything productive at all.
But increasingly this becomes more serious as when one is confronted with the NHS meat rack for example.


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