19-branch family agency snapped up by Belvoir brand in £2m deal

Newton Fallowell, part of the Belvoir Group, has snapped up the Lovelle franchised agency group adding a further 19 offices to the Newton Fallowell network.

Lincolnshire-based Lovelles is a third-generation family property business that dates back to 1932, and adopted a franchising business model in 2006. 

Based on performance in the year to July 2019 Lovelles was the largest agency in its region, delivering around 1,425 completed sales transactions and managing 1,600 properties. 

“The network consists of 19 branches, centred around the town of Grimsby, extending north to Hull, east to Skegness and south to Lincoln. Eleven of the offices exclusively offer property sales, with one dedicated to lettings, and the remaining six providing a sales and lettings service. Twelve of the Lovelles branches are already franchised, with a further three scheduled to be franchised to the branch manager by April 2020” explains Belvoir chief executive Dorian Gonsalves.

“In line with Belvoir’s multi-brand strategy, Lovelles will become part of the Newton Fallowell Group, which will then operate three brands – Newton Fallowell, Goodchilds and Lovelles” he says.  

The 36 staff employed within the six corporate owned branches, as well as the business development manager, will be transferring to Newton Fallowell. 

“Lovelles is an ideal fit for Belvoir’s acquisition strategy, being largely based on a franchise model, with a strong estate agency background and geographically well positioned to be part of the Newton Fallowell network. Completion is expected by January 20 2020” explains Gonsalves.

Lovelies managing director Jonathan Lovelle says: “Belvoir shares my vision of franchising as being the optimum business model for our industry and I know that their 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.”