News - Published 27th June 2016

Menzies advises on £22 million sale of Northwood GB Ltd to Belvoir Lettings Plc

Our Corporate Finance team led by John Foundling advised the shareholders on the £22m sale of Northwood GB Ltd to Belvoir Lettings Plc.

About Northwood GB Ltd

Established in 1995 by Andy Goodson, Northwood is the largest remaining independent property franchise in the UK. With 86 offices from Aberdeen in Scotland to Truro in Cornwall, Northwood is an established national brand. The network has approximately 17,200 properties under management, of which 69% are under their unique ‘guaranteed rent’ scheme.

The financial background

The business has enjoyed strong growth and will operate alongside Belvoir’s other networks maintaining its strong brand identity. Northwood’s revenues for the year ended 31 May 2015 were £2.74m generating reported profit of £709k and adjusted EBITDA of £1.23m. The consideration including the earn out over the next two years represents an eight times multiple.

The response

Gemma Goodson Chief Executive and the Senior Management will all continue with the business.

“John and the Menzies team provided us with invaluable help and support throughout the process. Their support was particularly helpful in presenting our business to the bidders in a competitive process and negotiating on our behalf. Belvoir is exactly the right fit and we are delighted with the deal.”
Gemma Goodson – Chief Executive, Northwood

John Foundling - Menzies Accountant

“We are delighted to have advised Andy and Gemma on the sale of Northwood. As a part of Belvoir, Northwood has a great future ahead with the opportunity to fully implement their growth plans over the next couple of years.”
John Foundling – Corporate Finance Director, Menzies

Find out more about Menzies Corporate Finance services.

For further details, please contact Mike Grayer, Head of Corporate Finance ( or John Foundling, Corporate Finance Director (

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