Grantham company takes over estate agency network

A Grantham-based subsidiary of Belvoir Group has agreed to the acquisition of an estate agency network which operates in Lincolnshire and the Humber.

Newton Fallowell is to snap up the business and assets of the estate agency business operated by Lovelle Estate Agency and Lovelle Bacons LLP for £2m.

Lovelles is a third-generation family property business which was established in 1932 and currently comprises 19 branches.

The Lovelles network is centred around Grimsby and extends north to Hull, east to Skegness and south to Lincoln.

Lovelles will become part of the Newton Fallowell Group, which will then operate three brands; Newton Fallowell, Goodchilds and Lovelles.

The combined three networks will comprise 55 offices across the East and West Midlands and the Humber.

In the year to 31 March 2019 the acquired business made an operating profit of £500,000 and at that date had net assets of approximately £100,000.

Belvoir chief executive Dorian Gonsalves told Insider Media: “Lovelles offers the Belvoir Group the opportunity to expand its franchise network significantly by a further 19 offices operating under a highly regarded regional brand.

“I would like to pay tribute to Jonathan Lovelle who is well respected within the property sector and has built Lovelles into a highly successful franchise network.

“We believe that as part of the Belvoir Group, we can strengthen further the offering to the Lovelles network through our experienced and professional franchise support team.”

Lovelles managing director Jonathan Lovelle added: “Having seen how the Newton Fallowell network has flourished as part of the Belvoir Group, I knew that Belvoir would be the right home for the Lovelles network.

“Belvoir shares my vision of franchising as being the optimum business model for our industry and I know that its management team is committed to supporting the growth aspirations of all franchisees.

“I am proud of what our franchisees have achieved and of the strong reputation that Lovelles has within the Lincolnshire and Humber region.

“I look forward to seeing the network go from strength to strength as part of the Belvoir Group.”