Northwood acquisition creates one of the largest agencies in Newcastle
13 Aug • Northwood
Congratulations to Inderpal Dhillon and Aman Singh of Northwood Newcastle who have completed on the acquisition of Bowes Mitchell Limited, adding 224 rental properties to their lettings portfolio, plus a highly successful residential sales business.
“This is fantastic news for Inde and Aman, who have been truly outstanding since they first bought the Northwood Newcastle business just two years ago,” says Northwood MD Phil Gee.
“They are a highly experienced team, with exceptional skills that have really benefitted the business, as Inde is a solicitor, his wife is a surveyor and Aman is an architect. Inde and Aman are superb operators, and immensely charismatic franchisees, as well as great ambassadors for the Northwood brand. Acquisitions remain a major growth strategy for Northwood, and I am very confident that the acquisition of Bowes Mitchell will be extremely successful, taking this business to an entirely new level. I wish them every success for the future.”
“We are absolutely delighted,” says Inde. “Northwood Newcastle has been in existence for 16 years, and we bought it two and a half years ago, which really was one of the best things that Aman and I have ever done, as we had always wanted to work together and we enjoy what we do so much. It was always a goal of ours to grow the business, and as Northwood is part of the Belvoir Group, which has a fantastic assisted acquisition programme, the entire acquisition process was made easier. Gillian Mills, the Group Acquisition and Recruitment Manager, was invaluable throughout in terms of helping us to find the right business, advising, assisting and ultimately completing on the deal.
“The acquisition of Bowes Mitchell has been a perfect fit for us, as it has added a further 224 rental properties to our portfolio, taking the number of rental properties in our portfolio to over 500. This was our target for next year – so to achieve this in 2020, a year ahead of target is amazing, and it means that we have now become one of the largest agencies in the Newcastle area.
“Bowes Mitchell is a fantastic local business and will continue operating under its own brand, with the same team in place, so nothing will change in that respect. Bowes Mitchell has a strong reputation in sales with a ratio of 60% sales to 40% lettings, whereas Northwood has a lettings/sales ratio of 80/20. The added expertise and knowledge of the acquired sales team, plus a strong sales pipeline, will provide us with an enormous advantage over the competition. We will also be introducing Northwood’s highly successful Guaranteed Rent Scheme to the business, as well as investing in Proptech to make everything easier and even more efficient for landlords and tenants.”