Belvoir has become the UK’s largest property franchise by acquiring Northwood for £22m
The impressive growth of Belvoir Lettings shouldn’t have escaped anyone remotely interested in the UK property market. The leadership of Mike Goddard, co-founder and CEO of Belvoir, has seen the company awarded the title of Best Franchise Lettings Agency of the Year four times and its latest acquisition has made it the UK’s largest property franchise.
Cementing the company’s position as a leader in the sector, the £22m acquisition of the lettings franchise Northwood’s 86 offices has seen Belvoir’s network expand to a total number of 301 outlets across the country managing 54,000 properties. Building on a string of acquisitions that saw both Newton Fallowell and Goodchilds Estate Agents and Lettings join the fold last year, this latest deal stands testament to the company’s recipe for success.
The strategy behind the network expansion relies not only on acquiring new brands but also on ensuring the independence of each brand, something benefiting the entire group. “Our enlarged network means we’re in a far better position to face competitive changes in our marketplace in the future and capitalise on opportunities as the industry evolves,” argued Dorian Gonsalves, Managing Director of Belvoir.
Following the acquisition, Northwood’s chief executive Gemma Goodson and managing director Eric Walker will remain in their roles. “Their invaluable input will provide continuity and a wealth of experience that will help to ensure the success of this new partnership,” explained Gonsalves, promising that the acquisition would be detrimental for neither Northwood nor Belvoir. “Both brands have already operated successfully in the same territories for several years and this situation will continue unchanged.”
That and Belvoir’s reputations were some of the reasons as to why the Northwood board unanimously backed the deal. “This really is a marriage made in heaven and a fantastic opportunity for everyone,” said Walker.
With this new acquisition, Belvoir is sure to remain a franchising force to reckon with.