Connells expands its service to house builders

Connells, one of the country’s leading estate agency groups, has acquired a 75% shareholding in Spaull Ltd, which trades as New Homes Mortgage Helpline and Home Exchange.

Award winning New Homes Mortgage Helpline is a leading specialist new homes mortgage broker and Home Exchange manages the disposal of part exchange properties on behalf of house builders throughout the country.

Co-founders of the company, Nic Spaull, Nick Rhodes and Mark Platt retain a 25% share in Spaull Ltd and will continue to run the business, which will retain its trading names and branding, as a separate entity under the new ownership structure.

Managing Director Nic Spaull comments: “Whilst we are acknowledged by the majority of Lenders as the leading new homes mortgage broker in the country and are recognised by Legal & General as the fastest growing business partner, we know that we have enormous opportunities to grow the business. This joint venture will not only allow us to benefit from Connells immense buying power but also the capital investment will enable us to continue our expansion throughout the UK, offer an improved service to our customers and create more exclusive initiatives with Lenders and surveyors for house builders.”

The Connells Group is one of the leading sellers of new homes and a key player in the supply of land to the development industry. It already offers a specialist new homes financial services operation, though its subsidiary ONN Financial, and a very successful part exchange service to developers through its Corporate Sales Division. The acquisition of a 75% share in Spaull will allow it to grow its business geographically and offer enhanced support to its house builder clients.

“This acquisition continues Connells policy of making good investments for the future,” explains Group Chief Executive Stephen Shipperley. “Spaull is a top quality business with a very strong market share, a very successful financial performance and people who know the business inside out. Following the Prime Minister’s recent announcement on the significant increase in new homes starts, we recognise that there is huge potential in this specialist market. We are looking forward to working with Nic, Nick and Mark to offer them the support to develop their business further over the coming years and to adding their specialism to the highly acclaimed services we already offer to house builders.”