Lovelles, the estate agency chain bought by Belvoir Group sub-brand Newton Fallowell last year for £2 million, has sold off its six directly-owned branches to staff to run as franchises.
This includes three which have been taken over by Lovelle staff, one turned into a Newton Fallowell office and two currently ‘transitioning’ to franchise status.
Overall Lovelle has 18 branches across Lincolnshire and South Yorkshire and has undergone a brand revamp since February including a new look, website and internal IT systems.
“We knew at the time of the acquisition that some Lovelle staff members had expressed an interest in taking on the six corporate owned offices, and I am delighted to confirm that we have honoured these aspirations,” says David Spackman, MD of Newton Fallowell.
Lovelle’s Skegness, Hessle and Grimsby sales offices have now been franchised to existing staff.
And the estate agency firm’s Horncastle office has been taken on and rebranded by the owners of its Newton Fallowell Boston and Spilsby offices, whilst retaining all team members.
“Discussions are currently underway to franchise the remaining two corporate offices to staff members and we will make a further announcement about this when those transitions have completed,” says Spackman.
Lovelle is a third-generation family property business dating back to 1932 which adopted a franchising model in 2006.
Last year Lovelles was the largest agency in its region by size completing on 1,425 transactions and managing 1,600 properties.
It won the ‘Yorkshire and Humber Agency of the Year’ at the 2019 Negotiator Awards.