Well-Known Franchisee Completes Acquisition Of Independent Agency

Tim Hughes

Tim Hughes, owner of Belvoir Newbury, has completed on the acquisition of Douglas & Simmons, Wantage, adding 115 fully managed properties and a new Belvoir territory to his business portfolio.

This is the second purchase completed by Hughes, a former British Army officer and bomb disposal expert, who has been with Belvoir since 2014.

He said: “I had been looking for further acquisition opportunities, and when I heard that Douglas & Simmons in Wantage was available, I thought it sounded ideal, as it borders the northern edge of the Newbury territory, with a nice crossover of outlying villages in the middle. This acquisition has resulted in the creation of Belvoir Wantage, which is a new territory for Belvoir.

“The previous owners had been doing residential sales for 30 years and started offering a lettings service in 2008, but now they wish to focus purely on sales again, so I have bought the lettings business. I will be employing the small team of staff in Wantage and there will be lots of opportunities for the two offices to support each other.

“I already have a fantastic team of people in Newbury, with solid processes in place. I think clients will notice a big increase in the amount of input they receive from the property management team, as well as innovative marketing when it comes to finding new tenants.

“The acquisition was lengthy but straightforward, and the support I received from Martin Bunney and the Acquisition Team at Belvoir Central Office, was great.

“My team and I are visiting all the managed properties, getting to know them and the landlords and tenants, making sure that we’re able to deliver the very best management possible. The reaction has been very positive, with landlords assured that their properties will continue to be well managed, with rents paid on time. The lettings market is currently extremely busy, with lots of tenant demand, and rents are increasing. It’s an exciting time to be expanding the business.”

Belvoir Group CEO Dorian Gonsalves, has unsurprisingly welcomed the acquisition, especially as it has resulted in the launch of a new Belvoir territory.

He commented: “Tim has created a very successful franchise over the nine years he has been with Belvoir and is always looking for new opportunities to further grow and develop his business. This is a superb achievement, and I wish him every success for the future, as he continues to provide landlords and tenants with outstanding customer service.

“This acquisition and the launch of Belvoir Wantage is testimony to the consistent hard work and commitment that Tim and his team always provide to their clients,” he added.

Daily news email from EYE

Enter your email below to receive the latest news each morning direct to your inbox.