New Northwood franchisee makes history by completing on acquisition of Belvoir Group’s 100th independent agency
14 Aug • Northwood
Mahomed Imtayas of Northwood Wolverhampton has successfully acquired Millenium Properties, adding 250 managed properties to his portfolio and fast tracking his way into the history books by completing on the Belvoir Group’s 100th acquisition of an independent agency.
“I am delighted that the Belvoir Group has been able to successfully help our franchisees to acquire 100 independent businesses since the launch of our specialist acquisition programme in 2013,” says Belvoir CEO Dorian Gonsalves. “Helping franchisees to develop their businesses through acquisition remains a strong growth strategy for Belvoir and this milestone is a superb achievement by our inhouse Acquisition Team who work so hard to research, source and assist franchisees with the funding of viable opportunities. The team have helped franchisees from across all of our brands to develop and grow their businesses, achieving a total acquisition deal value of £25 million. In addition, it should be noted that 100 independent agents from all across the country have been able to complete on an exit strategy that has enabled them to realise their assets, safe in the knowledge that the business they are selling will be operated by highly professional agents who have access to all the back-up they need from our franchise support team at Central Office.
“I am absolutely delighted for Mahomed, who I met during his training course at Central Office. I was very impressed by his enthusiasm and commitment, and also his determination to build a business that he can then pass on to future generations of his family. I am confident that Mahomed will make a great success of this business opportunity, which has enormous potential for further growth.
“Many franchisees across the Belvoir, Northwood, Newton Fallowell and Lovelle brands are actively seeking to expand their businesses through acquisition, with some already completing on multiple business transfers that have doubled the size of their portfolio overnight. I would urge any independent agent who is considering the sale of their business, no matter what size this may be, to contact a member of our Acquisition Team for a discussion about how we may be able to help them realise their ambitions. We recognise that negotiating and managing any business transfer is a complex process, but it is one that the team has worked hard to streamline over the years, to try and make the acquisition as smooth and stress free as possible for all parties.”
Speaking of his latest business venture, which comes after 20 years of running a stationery company in Malawi until returning to the UK three years ago to run a recruitment company, Mahomed says: “I am absolutely delighted to be taking on this business and to become a Northwood franchisee. Northwood has a great name, a fantastic reputation and a unique product in its Rent Guarantee Scheme.
“I have been a landlord and a tenant in the past, and I have my own rental properties both in Leicester and abroad, so I am very aware of the challenges that can be faced by everyone. The training I have received has been excellent and being part of the Northwood franchise also provides me with access to the invaluable assistance they provide, as well as all the systems and marketing and legal support. My daughter Anjum will be working with me as Office Manager, and we are also retaining two existing staff members.
“I am almost 60 years old now, but have always wanted to work in estate agency, so this is a dream come true and I wish it had happened 20 years ago! This is a great opportunity to build a business that I can pass onto future generations of my family. It is a new challenge, and one that I am looking forward to. It is also incredible to be recognised as the Belvoir Group’s 100th Assisted Acquisition!”
Northwood MD Phil Gee also welcomed Mahomed to the Group, saying: “Many congratulations to Mahomed on the acquisition of Millenium Properties, which will help to introduce Northwood to the Wolverhampton area and allow many more people to benefit from a range of unique services including our Guaranteed Rent Scheme. Northwood has been working with Mahomed for quite some time, helping him to find the right business opportunity, and we are extremely happy to welcome him to the team.”