Portsmouth: Coffin Mew acts for Northwood on £22m sale to Belvoir

Coffin Mew, the South Coast’s leading law firm, has acted for Northwood GB on its £22 million sale to Belvoir plc, creating the largest residential lettings business network in the UK.

Portsmouth-based Northwood is a franchise-based business in the residential letting agency sector with a network of 86 offices.  Belvoir, listed on the AIM market, is also a residential letting franchise network with 215 offices across the UK.  The sale, completed on the June 8, creates a business with more than 300 outlets and 54,000 managed properties.

The Coffin Mew team was led by partner and head of corporate finance Amanda Brockwell, with support from senior associate Hayley Bevis and trainee solicitor Jennifer Evans. 

Commenting on the deal, Brockwell said: “We have worked with Northwood over a number of years with both generations of family owners and have had the pleasure of watching the business grow and expand. We are delighted to be part of its story and to act for them on its successful sale. We look forward to seeing its further expansion over the next couple of years, given the synergies with its new owner.” 

Eric Walker, managing director, Northwood, said: “Belvoir is hugely respected within the industry and there is great empathy between the two boards.  This is an age of consolidation and we really needed to try and find a partner so that we could develop and expand our business, whilst continuing to offer our USP of a guaranteed rent product.  The entire Northwood board was in agreement that we like the way that Belvoir operates, with a similar ethos and ethical approach to business.  This really is a fantastic opportunity for everyone.”

Dorian Gonsalves, Belvoir’s managing director, added: “Northwood, which was started in 1995, is a very well-respected lettings and sales network with a strong lettings bias, and the opportunity to acquire the company represented a clear strategic and cultural fit for Belvoir.  It is also indicative of our commitment to developing the network with multi-brand franchises.  The Northwood acquisition will add 86 franchised offices in various locations around the UK and will position the Group as the largest property franchise in the UK with more than 54,000 managed properties and a total of 301 outlets.”