An ambitious, family-run North East estate agency is planning for further growth after completing the acquisition of a regional rival.
Northwood Newcastle has acquired North Shields-based Moving Homes, which operates across North Tyneside and South East Northumberland, from founder Tracey Culverhouse for an undisclosed sum.
Owned by brothers-in-law Inde Dhillon and Aman Singh, Northwood Newcastle now 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 as far as York.
Tracey, who set up Moving Homes ten years ago, is staying with the business as manager of Northwood’s North Shields operation and will continue to lead the local five-strong team.
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 Tracey on the deal.
Inde Dhillon and Aman Singh, who are respectively a lawyer and an architect by profession, acquired Northwood Newcastle in 2018 as a result of their shared passion for property.
In 2020, they acquired established residential and lettings agency Bowes Mitchell, also with the assistance of RMT Accountants, and are looking at making further acquisitions if the right opportunities arise.
Alongside its thriving residential sales operation, Northwood Newcastle currently has around 850 rental properties under management.
Inde Dhillon says: “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.
“The RMT team knew this opportunity would fit well with our business ambitions and their guidance has been central to completing this latest acquisition.”
Tracey Culverhouse adds: ”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.
“The Northwood team share the same passion for property that’s been the key to our success and we really liked both their family ethos and future plans for the business.
“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, Julie and Daniel were very reassuring right from day one, and their responsiveness and openness always made me feel properly supported as the sale process progressed.”
Michael Cantwell, head of corporate finance at RMT Accountants & Business Advisors, says: “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, adds: “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.”