In its buyout of Newton Fallowell, Belvoir has further strengthened its position in the east Midlands and grown its total network to 193 sites
Cliche thought it may be, good things really do come in pairs. That’s definitely something Belvoir can appreciate. Just weeks after picking up its fourth consecutive gong at the Lettings Agency of the Year Awards, the lettings franchise has put another one in the win column with an acquisition that will see it add more than 30 offices to its network.
Belvoir’s acquisition of Newton Fallowell, one of the largest estate agents in the east Midlands, will see an extra 31 sites added to its network, taking it up to a total of 193 and putting it in the top five largest lettings and estate agencies in the country. The buyout is the latest step in its drive to significantly increase its market presence as well as strengthen its network with multi-brand franchises.
But Belvoir isn’t just gaining new franchises: the acquisition will also spell the return of franchise director David Spackman, who worked for Belvoir for two years before taking his current role at Newton Fallowell. Belvoir is intending to smooth the transition and ensure strong business growth and financial performance by retaining key directors from Newton Fallowell, including founder and chief executive Mark Newton, finance director Andrew Derry and marketing and IT director David Newton.
“This really was a golden strategic opportunity for Belvoir as Newton Fallowell is a highly successful and well-established estate and lettings agency, which has [...] a track record for excellent growth,” said Dorian Gonsalves, Belvoir’s director of commercial and franchising. “When Belvoir floated on the London Stock Exchange in 2012, we made a clear promise to our network and our investors that we would reach 200 offices before the end of 2016. With further acquisitions in the pipeline, this puts us well ahead of our target.”
Mark Newton said: “I am delighted, as Newton Fallowell and Belvoir both have their central offices in Grantham and have both been in business for a similar number of years, growing incrementally alongside each other. In many ways, I would say that this is a business match that was made in heaven.”
Between awards and acquisitions, it’s sure been a good month for Belvoir. Long may its good fortune continue.