Two North East estate agencies acquired by regional…

Two North East estate agencies acquired by regional rival My Property Box

Two North East estate agencies have been acquired by a regional rival as part of growth plans.

Darlington-based My Property Box has swooped for Acorn Properties and KIS Lettings amid moves to further strengthen its presence in Tyneside, Wearside and Northumberland. Acorn Properties is a significant player in the lettings market, advertising more than 800 properties a year, including houses of multiple occupation.

All 14 staff will be retained alongside its office in Jesmond, which serves an area from Durham to Northumberland. The company has been sold to its My Property Box by owners by John and Margaret Henderson and Louise Greetham. Ms Greetham will stay with the business to manage Acorn Properties.

KIS Lettings has also been acquired and its 130-strong portfolio of properties across areas including South Shields, North Shields, Newcastle, and Sunderland, has been transferred to My Property Box’s sister company, Groves Residential, based in Jesmond. KIS Lettings, which previously operated branches in Sunderland, North Shields and Welwyn Garden City, was founded by property entrepreneur Ajay Jagota, who sold the business to launch a new venture offering a specialist tenancy compliance service. Its remaining office in South Shields has now closed.

My Property Box, which was launched 10 years ago, has now completed nine acquisitions within the last four years, including South Shields-based Westoe Lettings and Groves Residential in 2021, which serves an area from Berwick upon Tweed to south of the Tyne.

Ben Quaintrell, founder and managing director, said: “Both acquisitions highlight the significant growth trajectory of this business while further strengthening our position across Tyneside, Wearside, north Durham and Northumberland.

“Last year’s deal involving Groves Residential, combined with that of Acorn Properties, represents an extensive expansion into both the professional, executive and student lettings market, as well as residential sales within the North East of England.

“I personally wish to reassure the clients of both Acorn Properties and KIS Lettings that they can expect the same high standards of service whilst continuing to benefit from that all-important local knowledge and expertise.”

John Henderson, a director of Acorn Properties, said: “Margaret and I bought the business in 2004 and along with Louise Greetham, her husband Simon and our dedicated team, we have established it as well-respected and vibrant family business. We are proud of our exceptional levels of service, something that we know will continue under My Property Box with Louise at the helm.”

Mr Jagota of KIS Lettings added: “I founded KIS with the ambition to become the North East’s best lettings business. I’ve thoroughly enjoyed the experience, but it’s the right time to move on to a new venture - which sees me continue my association with the property sector with the launch of tenancy compliance service, Veriwise.”