Newton Fallowell
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Latest property news
Three estate agents named by government for paying less than minimum wage
Three agents have been caught not paying some of their employees the national minimum wage and have had to pay the money back plus fines.
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Latest property news
2018 will see the lettings industry consolidate, predicts Belvoir
The UK’s largest franchise firm Belvoir says a rush of acquisitions by its franchisees of competitor companies both during 2017 and into the New Year suggest the lettings industry faces a wave of consolidation as the fees ban looms. Belvoir says its lawyers are currently processing a “robust pipeline” of competitor acquisitions by its franchisees in recent months. The company says these acquisitions will be completed during the first three months of the year and that the “appetite for securing portfolio acquisitions reflects the entrepreneurial spirit of our franchisees who are adapting to changes within the sector and seeing opportunity for growth as the sector consolidates,” says CEO Dorian Gonsalves. Belvoir also says it helped its franchisees buy up 23 competitors last year, adding 2,264 properties to its lettings business. This brings the total number of properties managed by Belvoir Group companies to over 58,000, and helped increase its network revenue by £3.3 million, exceeding the £3 million target set by its board for 2017, and raising its head office fee revenue by £350,000. Helping hand The high number of competitor acquisitions has also been boosted by Belvoir’s Assisted Acquisitions programme, which encourages existing franchisees to buy local firms, helped…
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Latest property news
UK’s largest franchise agency group to become leading mortgage broker
Belvoir is to roll out its recent-acquired mortgage broker business Brook Financial Services across its 300-strong branch network of four brands – Belvoir, Northwood, Goodchilds and Newton Fallowell – in a bid to become one of the high street’s larger agency mortgage brokers. The announcement, which will help reassure City investors following Belvoir’s recent failed attempt to merge with Martin & Co parent company The Property Franchise Group, reveals that the roll-out is beginning with its most sales-focussed brand, Newton Fallowell. It has 39 branches in Lincolnshire, Nottinghamshire, Leicestershire, Derbyshire, Rutland and Staffordshire and was itself bought by Belvoir in July 2015. Brook, which trades as the Mortgage Advice Bureau and is based in Barnsley at a business park (pictured, above), was bought by Belvoir for £2 million in July this year and its services are now available within 25 of the Newton Fallowell branches, including 17 new ones since Brook was acquired. This, coupled with more business from independent estate agents who use Brook’s services, helped the financial services firm write new business worth £570,000 over the past two months, putting it 40% ahead of its performance last year. “The roll out to the Newton Fallowell offices is underway…
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Latest property news
Auction revenues up!
David Sandeman, auction guru at Essential Information Group (EIG) reports that 144 auctions were held, with 3657 Lots Offered and 2774 Lots Sold (commercial and residential) in July - 24 fewer than last year...
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Latest property news
Advertising watchdog censures Houser over ad, but is anyone at home?
Hybrid property portal Houser has been criticised by the Advertising Standards Authority after it ignored efforts by the watchdog to investigate a complaint about one of its listings. Agent Newton Fallowell, which has over 30 branches across Lincolnshire, Staffordshire, Nottinghamshire and Leicestershire, had complained to the ASA about a property listing on Houser that was for a house that had been sold two years ago. The ASA said that potential buyers would have understood from the ad that the property was still on the market when it was not, and that therefore it was misleading under rule 3.1 of the CAP code. But when contacted by the ASA, Houser did not respond to its enquiries, and the watchdog says it is “concerned by Houser’s lack of response apparent disregard for the Code”. “We remind them of their responsibilities to respond promptly to our enquiries and told them to do so in the future,” the ASA says in its judgement. Property hunting reinvented Houser launched in January 2015 after buying the assets of failed property search engine NeedaProperty, describing itself as “the one you didn’t see coming” and that its service is “property hunting reinvented”. The company offers agents free listings…
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Agencies & People
Belvoir results reveal 19% revenue boost from Northwood purchase
Latest financial results from Belvoir, the UK’s largest franchise network, reveal that its recent acquisition of rival Northwood helped it boost group revenue by 19% during the first quarter of its financial year. Revenue from its franchise fees increased by 5% including an 8% rise in lettings fees but a drop in sales fees of 4% when compared to the same period last year. This, the company says, was caused mainly by the rush by investors and prime property owners to complete before last year’s Stamp Duty tax deadlines. Newton Fallowell This year-on-year reduction was more pronounce within its 31-branch East of England brand Newton Fallowell where the sales fall-off was 13%. But for investors, the galloping speed at which the Belvoir group is growing overall helped mitigate these sales reductions – Belvoir says its growth in sales was 33% as its rolls out sales across the UK. Revenue at Belvoir increased by £700,000 driven mainly by the Northwood acquisition although the franchising of six formerly corporate-owned offices has cost £200,000. “The Group has seen a healthy start to 201,” says Chairman and CEO Mike Goddard. “The Board has been working closely with franchisees providing the support they need to…
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Movers & Shakers
Newton Fallowell Awards
Stamford estate agent Jason Treadwell has been named top performing franchisee of the year in Newton Fallowell’s annual awards.
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Agencies & People
Belvoir announces major acquisition
Belvoir has added a further 31 offices to its network by acquiring Newton Fallowell in the East Midlands. The deal to buy Newton Fallowell, one of the largest estate agents in the East Midlands, is subject to completion later this month but does look set to go-ahead. Dorian Gonsalves (left of picture), Belvoir’s Director of Commercial and Franchising, described the pending acquisition of Newton Fallowell, which has its head office in Grantham, plus a further 30 franchised offices in various locations around the UK, as a “golden strategic opportunity” for his company. The additional Newton Fallowell offices will bring the total in the Belvoir network to 193, which will put Belvoir firmly into the top five largest lettings and estate agency chains in the country, according to Gonsalves. He commented, “When Belvoir floated on the London Stock Exchange in 2012 we made a clear promise to our network and our investors that we would reach 200 offices before the end of 2016. With further acquisitions in the pipeline, this puts us well ahead of our target. “The opportunity for Belvoir to acquire Newton Fallowell represented a clear strategic fit with our acquisition policy, and there are obvious complementary strengths in…
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