A family-run estate agency has acquired a local competitor in North Shields as the company seeks to expand across the region.
Northwood Newcastle has purchased Moving Homes, which operates across North Tyneside and South East Northumberland, from founder Tracey Culverhouse.
Owned by brothers-in-law Inde Dhillon and Aman Singh, Northwood Newcastle has a 25-strong team working across three regional offices and covering an area that runs from Carlisle right across the North East and down to York.
Culverhouse will remain with the business as manager of Northwood’s North Shields operation.
Michael Cantwell and Julie Cuthbertson of RMT Accountants & Business Advisors identified Northwood Newcastle as a potential purchaser of Moving Homes and worked with both parties to bring the deal to a successful conclusion.
Daniel Bell, associate solicitor in the corporate team at Mincoffs Solicitors LLP in Newcastle, provided legal advice to Culverhouse on the deal.
The owners of Northwood Newcastle say they are open to new acquisitions if the right opportunities arise.
Dhillon said: “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.”
He added: “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.
“The RMT team knew this opportunity would fit well with our business ambitions and their guidance has been central to completing this latest acquisition.”
Culverhouse commented: “We’ve built Moving Homes into a very strong local brand over the last decade, and know that there’s much more potential to be achieved from the business with the additional resources and capacity that Northwood will now provide.”
Michael Cantwell, head of corporate finance at RMT Accountants & Business Advisors, remarked: “Bringing two like-minded businesses together and achieving a conclusion which meets both their ambitions is always extremely satisfying, and we’re very pleased to have helped Tracey realise the fruits of her labours.”
Daniel Bell, associate solicitor at Mincoffs Solicitors, added: “It was our pleasure to advise Tracey on the sale of Moving Homes and to deliver a successful result for both parties.
“Her team brings a unique set of skills and expertise to the property market, which are sure to be an asset to Northwood as she stays to manage the North Shields operation.”
