Tue, 19 Mar 2024 | BUSINESS SALE
Northwood Newcastle, a family-run estate agency based in Newcastle, has acquired a regional rival. The company, which operates in the North East, has acquired North Shields-based Moving Homes, which covers North Tyneside and South East Northumberland.
The business has been acquired from founder Tracey Culverhouse for an undisclosed sum, with Culverhouse to remain as manager of the business’ North Shields operation following the acquisition, leading a five-strong team.
Northwood Newcastle works from three regional offices with a 25-strong team. The business was acquired by owners Inde Dhillon and Aman Singh in 2018 and subsequently expanded with the acquisition of residential and lettings agency Bowes Mitchell in 2020.
Following the company’s latest acquisition, Inde Dhillon commented: “Our ambition is for Northwood to be the number one sales and lettings agency in the North East and this is the next step towards achieving that goal. Tracey has built a very successful business over the last decade and her absolute focus on providing the highest standards of customer services aligns perfectly with our own.”
“Being able to retain her expertise and experience as part of our expanded team will be invaluable and we’re excited about what we can achieve across North Tyneside and Northumberland. Achieving consistent growth is vital if you’re going to be successful in the modern residential property market and we’re very much open to making further acquisitions as part of this process if opportunities arise in the right locations.”
Tracey Culverhouse said that Moving Homes had been built “into a very strong local brand over the last decade” and that there was significant potential for the business to grow further “with the additional resources and capacity that Northwood will now provide.”
She added: “This is the right time for me to sell Moving Homes, both personally and professionally, and I’m very happy to be staying on with my excellent team.”
Michael Cantwell and Julie Cuthbertson of RMT Accountants & Business Advisors worked on the deal for both parties, with Cantwell saying that the acquisition brought “two like-minded businesses together” and achieved “a conclusion which meets both their ambitions”.
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