12 May 2025
ICON has advised leading tenancy management software provider The Lettings Hub on its acquisition by Canopy (Insurestreet Limited), the innovative PropTech company that leverages next-generation technology to deliver faster tenant referencing and seamless moving services, benefiting renters, agents, and landlords alike.
The deal was funded by investment from Growth Lending, Hay Wain and West Hill Capital.
This acquisition unites two leading PropTech suppliers and marks a significant milestone in advancing their shared vision of delivering an improved rental experience for tenants, landlords, and letting agents across the UK.
Under the terms of the deal, Canopy and The Lettings Hub will continue to operate independently while strategically integrating key aspects of their technologies to enhance and expand their respective offerings.
The two businesses already share a strong working relationship, with Canopy sourcing Tenant Home Insurance products from The Lettings Hub over the last year. Now, as a single entity, the companies can benefit from synergies across their product, data, and technology capabilities.
The deal comes at a pivotal time as consolidation in the UK lettings market continues to accelerate. With a rising number of estate and lettings agencies changing hands, landlords and agents are navigating an evolving regulatory landscape alongside shifting market dynamics. In response, suppliers must remain agile, leveraging innovation to meet industry demands and deliver tailored solutions.
Commenting on the acquisition, CEO of The Lettings Hub, Heidi Shackell said: “The Lettings Hub team has worked tirelessly over the past 12 years to deliver fantastic lettings technology and products to our clients. I’m incredibly proud of what we’ve achieved and the strong relationships we’ve built, and I’m also enormously grateful to every client that has used our services, every employee who has been a part of our growth journey, and to our shareholders for their unwavering support. Special thanks to ICON for getting the deal across the line and securing such a great result.”
Chairman of The Lettings Hub, Tony Trueman, said: "I have worked with ICON for the last five years on various transactions and I have been delighted to have them as our professional corporate advisors. They have dealt with many tricky challenges and I have been so impressed with their patience, resilience, experience, objectivity, extremely hard work and independence in providing advice to our team – and, most of all they are terrifically nice people.
"This has culminated in a very successful transaction for our business sale and we are most grateful for their ongoing support in achieving this. As Chairman of our business I would have no hesitation in recommending the services of ICON."
ICON’s Nicky Cotter, who acted for The Lettings Hub, commented: “The UK PropTech market is becoming a competitive M&A battleground, attracting major global players. So it’s no surprise that ICON received considerable attention from international strategic buyers and Tier 1 PE houses for The Lettings Hub.”
Will Cave, Associate Director at ICON, said: “We are proud to have played a key role in supporting Heidi and The Lettings Hub team in this strategic combination. The deal sets new benchmarks for tech automation in the UK rental market, as the need to harness technology in this sector has never been greater.”
Nick Gabay, Head of the Corporate Team at Thackray Williams LLP, who advised the shareholders of The Lettings Hub, commented: “We have advised The Lettings Hub and its shareholders over many years and it is no surprise that their amazing drive and ambition have led them to this exciting merger with Canopy to take both parties’ businesses to the next stage. It has been a delight to work with them and we wish them all the best.”
CEO of Canopy, Chris Hutchinson, added: “For both businesses, this deal represents a transformative opportunity. Together, we now support over 2,500 letting agent clients, and our combined resources allow us to expand our integrated services beyond what either of us could achieve individually. By uniting our AI-driven technologies and shared passion for innovation, we’re in a stronger position to deliver for tenants, landlords, and letting agents alike.”
This transaction further bolsters ICON’s expertise as a leading M&A advisory service provider to PropTech and InsurTech companies.
The Lettings Hub was advised by ICON Corporate Finance (financial advisor) and Thackray Williams LLP (legal counsel). Canopy was advised by Bay Advisory (financial advisor), Humphreys Law, CMS, SMB and Paris Smith (legal counsel), and Wilson Partners (accountants). Funding for the acquisition was provided by Growth Lending, Hay Wain and West Hill Capital.