Nottingham Building Society’s estate agency and lettings activity are being transferred to the Belvoir Group after the pair signed a strategic partnership.
The Nottingham will stop trading as its own estate agency and lettings operation for new business by the end of August.
David Marlow, chief executive officer of The Nottingham, said: “After great
consideration, 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.
“We already successfully use this approach for a number of services delivered to members and the strategic alliance we are undertaking with the Belvoir Group not only provides a continuation of service to the majority of our members, but brings greater opportunities to work closely together to boost the reach of our combined national networks.
“Whilst the transfer of our operations to the Belvoir Group marks the end of an era of us being our own estate agency, we’re confident it’s a positive move for the society and our members.”
The deal will see the closure of three standalone estate agency branches and three combined building society and estate agency branches at the end of July – the locations set to close are in Enderby; Syston; Western Park; Market Harborough; Chatteris; and Wisbech.
Marlow added: “The transfer will impact a number of our team members and we have already spoken to them all personally and will ensure they are fully supported through this process.
“From the outset our key priority has been to protect as many jobs as possible and we are working closely with the Belvoir Group franchisees on the details of the transfer and the opportunities it presents for our team members.”
Belvoir has a network of franchisees trading under the brands Belvoir, Northwood, Newton Fallowell and Lovelle.
Under the agreement Belvoir franchisees can operate from branches
across the building society’s network, with the potential for franchisees to establish operations in locations where The Nottingham doesn’t currently offer estate agency and lettings.
Dorian Gonsalves, chief executive of the Belvoir Group said: “This is an exciting and mutually beneficial opportunity for both companies.
“Similar to the Nottingham, Belvoir originated in the East Midlands, and our Central Office is still based in Grantham.
“Furthermore, Belvoir and The Nottingham share the same ethos of ensuring that the customer is always at the centre of everything within the business.”
The Nottingham said the partnership could enable it to extend its reach, creating a presence for building society services, through Belvoir offices in locations it doesn’t operate in today.
The society is proposing to take its branch network to 48 with the merger of eight branches that have a partner branch in close proximity.
Those are: Wollaton Park; Firth Park; Carlton Hill; Groby; Netherfield; Sherwood; Ruddington; and Harpenden. The Society is also proposing to close its Huntingdon branch as there isn’t a suitable local branch for it to merge with.
This post has originally been featured in Property Wire.