Following speculation earlier in the week, Spicerhaart has confirmed that it has purchased 19 branch regional agency butters john bee.
The acquisition brings Spicerhaart's network up to 200 branches and the UK's largest independent agency group now employs 2,000 staff.
Paul Smith, co-founder and current chief executive of Spicerhaart, says the acquisition provided the opportunity to grow his agency's network along the M6 corridor.
He adds that further purchases are set to follow as the group previously set aside £26 million for growth plans.
Smith stresses that acquisition of a high street agency underlines his firm's confidence in the traditional model and commitment to bricks and mortar offices.
“Estate agency is a people business and we believe that customers still like to deal with people who are real experts in the local area and can help them through the challenges of buying and selling property,” he says.
Following the acquisition, butters john bee - which was founded in 1856 - will retain its name across its 19 branches.
“This is a very exciting time for us as it means we will be able to offer additional services to our customers and more career development opportunities, training and rewards to our 200 staff,” comments James Beardmore, butters john bee managing director.
Spicerhaart's other brands include haart, Darlows, Haybrook, Felicity J Lord and Chewton Rose.