A Colchester-based property firm, PMS Leasehold Management, has split its business in two and rebranded.

The long-established business, located on Severalls Business Park, has created a new division called PMS Managing Estates Limited, which represents the property management part of the business.

It made the changes after successfully qualifying to join regulatory body the Royal Institution of Chartered Surveyors (RICS) and the Association of Residential Managing Agents’ (AR-MA) ‘ARMA-Q’ quality standard.

Separating the different parts of the business means the firm complies with the standards of the professional regulatory bodies it has signed up to and gives better protection to clients.

PMS Leasehold Management Limited retains its position as a landlord of a medium-sized portfolio of blocks of flats and the newly- created PMS Managing Estates Limited represents the property management part of the business.

The division manages in excess of 160 developments, which include 6,000 homes, across the whole of the Anglia region expanding out to Crawley, London and Hertfordshire.

PMS, which employs 30 people at its offices, has been in business for 29 years and was set up by its chairman Terry Sutton.

He said: “By splitting the business we felt it provided us with an opportunity to progress with a clean new look but at the same time retaining the PMS name representing the company’s long history and pedigree.

“Leasehold property is the fastest growing property tenure in the UK; increasingly popular with first-time buyers and those seeking to downsize.

“By splitting the company we aim to provide a more focused property- management service to our clients.

“The effect will see improvement to all aspects of the services we provide and will allow us to streamline the processes we employ to assist new clients at the all-important stage of obtaining new business.”