Property franchise Belvoir Group has acquired estate agency business Lovelles and Lovelle Bacons.
The £2m acquisition will add 19 offices to its network, and Belvoir said the company will be earnings accretive in 2020.
In recent reports, Lovelles reported it made an operating profit of £500,000 as well as net assets of around £100,000 in the 12 months to 31 March.
Belvoir also said trading in the second half of the financial year continues to be “strong” and that the board is “confident” that the group is “in line to comfortably achieve market expectations for the full year”.
Commenting on the acquisition, Dorian Gonsalves, CEO of Belvoir, said: “Lovelles offers the Belvoir Group the opportunity to expand its franchise network significantly by a further 19 offices operating under a highly regarded regional brand.”
Jonathan Lovelle, MD of Lovelles, added: “Having seen how the Newton Fallowell network has flourished as part of the Belvoir Group, I knew that Belvoir would be the right home for the Lovelles network.
“Belvoir shares my vision of franchising as being the optimum business model for our industry and I know that its management team is committed to supporting the growth aspirations of all franchisees.”