Estate agency snapped up in £2m deal

Newton Fallowell, a subsidiary of the Grantham-headquartered property group Belvoir, has acquired the Lovelles estate agency business for £2 million.

Lovelles is a privately owned independent network operating in Lincolnshire and the Humber region.

The third-generation family property business, which dates back to 1932, has 19 branches.

All 36 staff employed by the firm will be transferring to Newton Fallowell.

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

Dorian Gonsalves, CEO of Belvoir, said: “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.”

Jonathan Lovelle, MD of Lovelles, 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.”