Two of Bermuda's top property agents have joined forces to create the single largest real estate company on the Island.

Jones Waddington Ltd and Bermuda Realty yesterday announced their merger. It is believed that the new company will be called Coldwell Banker Bermuda Realty and will eventually be based out of the Jones Waddington base at Meridian House on Brunswick Street, Hamilton.

The new company means that staff at Bermuda Realty will not lose their jobs as was feared earlier in the year when a deal with Jones Waddington was first mooted.

And the owners and managers, Ian Waddington, Arthur Jones and Brian Madeiros, said that current staff will not only be kept on, but hope to see the work force expand because of the merger.

A spokesperson for Jones Waddington said: "The combination of these two respected companies will create considerable experience and stability in the real estate industry, allowing extensive knowledge amongst current employees to combine into one professional unit. Undoubtedly new opportunities and new jobs will become available as time progresses.'' Mr. Waddington, who has 20 years experience with real estate on the Island, will become managing director.

The new company will provide a full range of services from land survey and valuation to the sale, rental and management of both commercial and residential property.

Mr. Jones, who first established Gauntlett and Jones in Bermuda in 1977, will be responsible for the real estate division and Mr. Madeiros, who was recently awarded the Bermuda Gold Award for Real Estate Service, will head the professional services division within the combined entity.

Jones Waddington Ltd has been established on the Island for 22 years. It became aligned with the huge US Coldwell Banker real estate empire last year and changed its trading name to Coldwell Banker JW Bermuda Island Affiliate.

Bermuda Realty Company Ltd was formerly a wholly owned subsidiary of Bermuda Home, which was acquired by the Bank of Bermuda in May this year.

Bank of Bermuda confirmed the deal had gone through last night. The bank's retail clients executive vice president Alan Richardson welcomed the move.

"The arrangement we have made with Jones Waddington Ltd achieves our primary objective of keeping the successful Bermuda Realty Team together. We are very pleased with the outcome and are confident that the new organisation will be able to integrate the two businesses successfully and that the staff and clients of both companies will be well served by the merger.'' Employees from both firms have been offered employment packages in anticipation of the merger, which is expected to be finalised in April or May next year.

BUSINESS BUC