A family-run estate agency in the North East has completed the acquisition of a regional rival.
Northwood Newcastle has taken over North Shields-based Moving Homes, which operates across North Tyneside and South East Northumberland, from founder Tracey Culverhouse for an undisclosed sum. Ms Culverhouse will stay as manager of Northwood’s North Shields operation, leading a five-strong team.
Northwood is owned by brothers-in-law Inde Dhillon and Aman Singh, and has a 25-strong team working across three regional offices. The company covers an area that runs from Carlisle to the North East and down as far as York. Mr Dhillon and Mr Singh, who have professional backgrounds in law and architecture, acquired Northwood Newcastle in 2018 and two years later took over residential and lettings agency Bowes Mitchell.
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Mr Dhillon said: “Our ambition is for Northwood to be the number one sales and lettings agency in the North East and this is the next step towards achieving that goal. Tracey has built a very successful business over the last decade and her absolute focus on providing the highest standards of customer services aligns perfectly with our own.
“Being able to retain her expertise and experience as part of our expanded team will be invaluable and we’re excited about what we can achieve across North Tyneside and Northumberland. Achieving consistent growth is vital if you’re going to be successful in the modern residential property market and we’re very much open to making further acquisitions as part of this process if opportunities arise in the right locations.”
Ms Culverhouse said: ”We’ve built Moving Homes into a very strong local brand over the last decade, and know that there’s much more potential to be achieved from the business with the additional resources and capacity that Northwood will now provide. The Northwood team share the same passion for property that’s been the key to our success and we really liked both their family ethos and future plans for the business.
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“This is the right time for me to sell Moving Homes, both personally and professionally, and I’m very happy to be staying on with my excellent team.”
Michael Cantwell and Julie Cuthbertson of RMT Accountants & Business Advisors worked with both parties to bring the deal to a conclusion. Daniel Bell, associate solicitor in the corporate team at Mincoffs Solicitors LLP in Newcastle, provided legal advice to Ms Culverhouse on the deal.
Mr Cantwell said: “Bringing two like-minded businesses together and achieving a conclusion which meets both their ambitions is always extremely satisfying, and we’re very pleased to have helped Tracey realise the fruits of her labours.”