The Leeds-based firm acquired Wells & Co, based in Horsforth, Leeds, for an undisclosed sum.

Bruce Collinson, partner at Adair Paxton, said the move was an opportunity to raise its profile, both geographically and in terms of the range of services offered. Other acquisitions are in the pipeline, he said.

Wells & Co, which operates throughout Horsforth, Cookridge and north-west Leeds, will continue to trade under its own name as a division of Adair Paxton.

The partnership will enable Wells & Co to widen its range of services to include lettings and management, surveys and rent reviews.

The firms employ 30 staff between them – 25 at Adair Paxton and five at Wells & Co.

Mr Collinson said: "Our recent acquisition is in stark contrast to the vast majority of firms of all sizes across Leeds, and indeed the UK, now having to make significant redundancies.

"Having been in the market sector for many years we have a deal of experience of the boom and bust of property, and know that recovery is inevitable though may be some time distant."

Kath Wells, who has owned and run Wells & Co for the last 25 years, added: "This is an ideal outcome for both my business and all existing clients. In the current climate it is satisfying to know that my own hard work over the years will act as an investment for all who work with Adair Paxton, who have very much the same ethos as we do."

Adair Paxton was established in 1859 and is one of the oldest chartered surveyors, estate agents and valuers in the region. The company deals in commercial and residential property, land, for sale or for let.

It also has a residential and commercial lettings management division. It was formed from the merger of Adair Davy and Paxtons in 1999.