Belvoir Reveals Impressive Acquisition

Belvoir Reveals Impressive Acquisition

Purchase of Newton Fallowell enhances the Belvoir network by 30+ offices

Belvoir is pleased to reveal the acquisition of Newton Fallowell, one of the largest estate agents in the East Midlands, which will increase the network by a further 31 offices.

“I am very happy to confirm that, Belvoir will be acquiring Newton Fallowell,” announces Dorian Gonsalves, Belvoir’s Director of Commercial and Franchising. “This opportunity was perfect for Belvoir and fitted well with our strategic goals. Newton Fallowell is an extremely successful and well-established estate and lettings agency, with its head office in Grantham and an additional 30 franchised offices in numerous locations around the UK and a track record for excellent growth. These extra offices will increase the total in the Belvoir network to 193, which puts Belvoir safely in the top five largest lettings and estate agency chains in the country.

“When Belvoir floated on the London Stock Exchange in 2012 we had a goal of reaching 200 offices before the end of 2016. We made this promise to our network and our investors and with further acquisitions in the pipeline, this puts us well ahead of our target.

“The chance for Belvoir to acquire Newton Fallowell signified a strong strategic fit with our acquisition plan, and there are clear complementary assets in lettings and estate agency. The acquisition also proves Belvoir’s pledge to considerably increase its market presence and to carry on developing the network with multi-brand franchises.

“Newton Fallowell’s franchise owners will benefit from their relationship with Belvoir, which was recently awarded the best franchise in the sector for the fifth year at the Sunday Times’ Lettings Agency of the Year Awards.  Similarly, our present network of sales and lettings offices can also gain from being part of a considerably larger network with the extra high-level expertise of an increased senior management team.

“At Belvoir we take pride in the exceptional support that we offer to franchise owners and the infrastructure that is in place at Central Office in Grantham is well positioned to support an additional 30+ offices,

“I am thrilled to confirm that Mark Newton, Chief Executive of Newton Fallowell, who founded the company in 1999, has generously agreed to remain in his role for the next two years, and perhaps beyond, as will Finance Director Andrew Derry and Marketing and IT Director David Newton.

“The acquisition also indicates the return of Franchise Director David Spackman to Belvoir. Before joining Newton Fallowell, David worked for Belvoir for two years and he has exceptional knowledge of the company’s business model. The continual role of significant Newton Fallowell directors within the business will help to safeguard the robust business growth and financial performance that Belvoir’s franchise owners and shareholders anticipate.”

Mark Newton said on the acquisition: “I am thrilled, Newton Fallowell and Belvoir both have their Central Offices in Grantham, and both have been in business for roughly the same number of years, growing alongside each other, and in lots of ways I would say that this is a business match made in heaven.

“I will be continuing with the business, and it will be run by the same people in a similar way, but it now has the additional support and strength of Belvoir as its parent company. The acquisition will have a very encouraging impact on our franchise owners who will benefit from being part of such a large and successful Network. Equally, our strength and expertise in estate agency, which has been meticulously developed over the years, can help to develop brand Belvoir, so this is a very exciting milestone for the business.”

Belvoir! is an award-winning estate and lettings agency with 160 successful offices around the U.K.  If you would like to talk about being our next success story, please call us on 01476 570000 or email us on franchising@belvoirlettings.com

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