Consolidation within the North East and North Yorkshire estate agency sector continues following the acquisition of Newcastle agent Groves by Darlington agency My Property Box.
This is the seventh acquisition by the company in three years and is part of its strategic growth plan to become a major player in the lettings market within the region.
The sale of Groves follows the retirement of its founder Nick Rawlinson but the name will endure and all 12 staff are to be retained.
This includes its head of operations Wendy Leonard (main pic, right) who has been with the business for more than 16 years and who takes over responsibility for its day-to-day running, ensuring a smooth transition following the sale.
She says: “There is a huge amount of synergy between both businesses and this deal represents an important step forward for both.”
Groves will continue to operate its tenancy management centre in Newcastle together with its office in Acorn Road, Jesmond.
Ben Quaintrell (main pic), the founder and MD of My Property Box, says: “The acquisition, which brings with it an excellent portfolio of properties, enables this business to extend its reach in the north of the region.
“Groves has earned a reputation as one of most successful property companies across Tyneside and Northumberland, which it has achieved through its knowledge of the local market.
“It also has extensive expertise within the student letting sector, given Newcastle is such a thriving university city. I’m thrilled to have acquired an estate agent of this calibre.
Other recent acquisitions made by My Property Box, founded in 2012, include Westoe Lettings in South Shields, Richmondshire-based WardHorne and Bishop Auckland estate agent Lifestyle Property.