Groves Residential becomes My Property Box's seventh deal

December 2021 brought a seventh business into the My Property Box group inside three years: Newcastle agency Groves, bought as part of the Darlington firm's growth plan.

Groves arrived with more than 30 years in sales, lettings and property management, and with clients spread from Berwick upon Tweed in the far north down to the south bank of the Tyne. Little changed for them. The Groves name stayed, all 12 employees kept their jobs, and both the Newcastle tenancy management centre and the Acorn Road office in Jesmond remained open.

Founder Nick Rawlinson's retirement had prompted the sale. Day-to-day control passed to head of operations Wendy Leonard, a Groves colleague of more than 16 years, giving landlords and tenants a familiar point of contact throughout the handover.

Two things attracted the buyer: geography and specialist knowledge. Ben Quaintrell, the group's founder and managing director, said: "The acquisition, which brings with it an excellent portfolio of properties, enables this business to extend its reach in the north of the region."

He rated the business highly: "Groves has earned a reputation as one of most successful property companies across Tyneside and Northumberland, which it has achieved through its knowledge of the local market."

Student lettings were part of the appeal, he added: "It also has extensive expertise within the student letting sector, given Newcastle is such a thriving university city. I'm thrilled to have acquired an estate agent of this calibre."

Leonard, for her part, saw two complementary businesses. She said: "Groves is an independent with a proud tradition of delivering a high quality and personal service and I look forward to working closely with the digitally focused team at My Property Box to see how we can take this to the next level." She added: "There is a huge amount of synergy between both businesses and this deal represents an important step forward for both."

The purchase rounded off a busy year that had also brought Lifestyle Property in Bishop Auckland, Westoe Lettings in South Shields and Richmondshire agency WardHorne. In time Groves Residential would become the group's Jesmond-based sister company and take on further portfolios of its own.

Some sellers want the name they built to outlast them and their team to stay in work. Where that is the right answer we are glad to make it happen, and glad to discuss it quietly with any owner planning ahead.