Six agency branches are being closed as a result of a partnership between franchise giant Belvoir and the Nottingham Building Society.
Under the new agreement, the vast majority of The Nottingham’s estate agency and lettings activity will transfer over to the Belvoir Group, with The Nottingham ceasing trading for new estate agency and lettings operations at the end of August.
“This will regrettably result in the closure of three standalone estate agency branches and three combined building society and estate agency branches which are more focused on estate agency at the end of July, as well as impacting a number of field based and central support roles” says a statement issued this morning by the building society.
The Nottingham branch locations for closure are Enderby; Syston; Western Park; Market Harborough; Chatteris; and Wisbech.
Under the new agreement Belvoir franchisees will have the opportunity to operate from the building society’s branches, with the potential for franchisees to establish operations in locations where The Nottingham doesn’t currently offer estate agency and lettings.
A statement suggests the partnership could, in time, also enable the Nottingham to extend its reach, creating a presence for building society services, through Belvoir offices in locations which it does not have a presence currently.
“We believe the model in our members’ best interest and for the long term success and sustainability of the society is to deliver an estate agency and lettings proposition through an expert partner” explains the chief executive officer of the Nottingham, David Marlow.
Belvoir’s chief executive Dorian Gonsalves adds: “This is an exciting and mutually beneficial opportunity for both companies … Belvoir and The Nottingham share the same ethos of ensuring that the customer is always at the centre of everything within the business.
“This strategic alliance allows our group brands - which consist of Belvoir, Newton Fallowell, Northwood and Lovelle - to provide all Nottingham members with a seamless estate agency service, either from our shared or stand-alone locations throughout the UK. This alliance also enables our franchisees to open in new locations, further increasing the group’s footprint.”
The majority of the society’s estate agency and lettings activity will transfer over to the Belvoir Group and it will cease trading as its own estate agency and lettings operation for new business by the end of August.