Leading estate agency snaps up Blundells

Launched by Mike Blundell in 1977, Sheffield-based Blundells, has grown to employ 185 staff at 13 offices covering Sheffield, Chesterfield and Rotherham.

Following the acquisition, which is for an undisclosed sum, Blundells will continue to operate as a business in its own right and will join Countrywide’s network of 1,300 offices and 46 estate agency and lettings brands, which include Sotheby’s International Realty, Bridgfords and Hamptons International.

The Blundells management team will continue to lead the business including managing director Steve Hinshelwood, and the founder, Mr Blundell.

Yesterday, Mr Hinshelwood said he expected that Blundells would grow under its new owners.

He said “active discussions” in connection with the acquisition had gone on for about a year.

He said: “We felt the time was right and the approach was right.”

Mr Hinshelwood said Countrywide would use the Blundells brand and name to expand its network in South Yorkshire and north east Derbyshire, and it was “not out of the question” that it could move into West York- shire.

Mr Hinshelwood described the current property market as “tough but manageable” and expected to see an increase in transactional volumes in the UK over the next two years.

He said that he couldn’t disclose the company’s current turn- over.

He said “first time buyers, remained to an extent, locked out of the market”.

Many property professionals are concerned about the lack of mortgage availability.

Mr Hinshelwood added: “The strength and breadth of Countrywide’s services and infrastructure will enable us to continue to expand and diversify our business.

“The housing market remains challenging, and being part of a company like Countrywide enables us to deal with these challenges more effectively and take advantage of the opportunities that this market presents to us.”

Grenville Turner, Countrywide Group chief executive, said: “This acquisition forms a key part of Countrywide’s strategic plan.

“We have long admired the success of Blundells, its management team and its strong presence in Yorkshire and Derbyshire.

“It is a business that has a strong brand, an experienced and committed workforce, and its branch locations make it a great fit for our network.

“Countrywide has a proven track record of investing in strong businesses and providing a platform for further expansion. We look forward to working with the management team at Blundells to assist them in enhancing their customer proposition by offering a range of market-leading property services as together we grow the business going forward.”

Countrywide is the UK’s largest estate agency and property services group, employing more than 9,000 staff.

Its portfolio of property services includes estate agency, lettings, mortgage and insurance services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.

Milton Keynes-based Countrywide’s financial services division includes the largest UK mortgage brokerage with around 650 mortgage consultants. The company also offers advice on life and general insurance.

Countrywide’s network of surveyors is the largest employed network in the UK with more than 350 nationwide.

The company acts for most of the large banks and building societies in the UK.

A Countrywide spokesman said: “We have a few Countrywide owned offices in the Yorkshire region operating under the brands Rentons and Bairstow Eves.”

According to Countrywide, Blundells is responsible for selling one in four of all properties in Sheffield. Law firm DWF advised Countrywide.

Lester Wilson, head of corporate in Leeds, said: “Countrywide has been very active in the last 18 months and it’s great to see them stepping into Yorkshire in such a big way, buying one of the best known and largest agencies in the region.”

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