The £2 million buy-out of Grimsby-headquartered regional estate agency Lovelles has completed.
London Stock Exchange-listed Belvoir Group acquired the business through its Newton Fallowell Group of multi-branded estate agents, based out of Grantham.
The deal was agreed in early December, with 36 staff employed in the six corporate-owned branches, as well as a business development manager, transferring across.
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Largely franchise based, like the new owner, a further 13 offices are part of the deal.
Launched by Jonathan Lovelle in 2003, it grew from a single branch at Hampton House, later absorbing the Bacons’ business he learnt his trade in, with his father and grandfather before him.
Last year it completed more than 1,400 sales with 1,600 properties managed.
Speaking at the time of the deal, Belvoir chief executive Dorian Gonsalves described it as an “ideal fit” and “geographically well positioned” with the 19 offices complementing a strong existing Midlands footprint.
The Lovelle portfolio stretches from Cottingham, Hull and Hessle in East Yorkshire, down to Newark, Spilsby and Skegness. Threemore of the offices will be franchised in the coming weeks.
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Newton Fallowell was established by Mark Newton in 1999, and acquired by AIM-quoted Belvoir in 2015. It had started five years earlier, and is now recognised as the largest property franchise network group on the high street, with more than 300 offices nationwide.
The Lovelles brand will complement the existing Newton Fallowell and Goodchilds stable, bringing 55 offices to the East and West Midlands and Humber region.