A leading building society in Cumbria has announced that its 10-branch estate agency business has been sold to its management, which is to rebrand the business under the Hunters flag.
Until now all ten branches have been based jointly in premises shared with The Cumberland building society and operated separately with a management team headed up for the past three years by managing director Graeme Macleod (main picture, right). The business claims to sell the most homes in the region.
He has now bought the 30-year-old business off The Cumberland and, The Negotiator understands, plans to operate the business across its existing territories of Cumbria, South West Scotland and Lancaster out of a central hub in Carlisle.
Cumberland building society says the deal is part of a move to concentrate on its core activities.
“For the building society, this allows us to focus more on serving the people and businesses of our region in our main areas of mortgages, savings and current accounts,” says The Cumberland’s CEO Des Moore (main picture, left).
“It gives the estate agency the opportunity to benefit from the resource and expertise offered by the Hunters group.”
The deal opens up new areas of the UK to Hunters and in an instant makes it the region’s largest estate agent by size of listings. Existing Cumberland staff will transfer to the Hunters branded business which is to be supported by the building society for an agreed period of time following the management buyout.
Macleod is to become a Hunters franchise holder for his three existing territories which include operations in Barrow, Carlisle, Cockermouth, Dumfries, Kendal, Lancaster, Penrith, Preston, Whitehaven and Workington.
“This is a really positive development for this business and the region,” says Macleod.
“Becoming part of a respected national brand will enable us to deliver an even better service to our customers through being able to access better technology and best practice – such as training and marketing support – from a larger estate agency group.”