The Nottingham has announced plans to enter into a strategic alliance with Belvoir Group PLC, which will see the Society deliver estate agency and lettings services to its members through Belvoir’s established network of franchisees trading under the brands Belvoir, Northwood, Newton Fallowell and Lovelle.

Under the agreement Belvoir franchisees will have the opportunity to operate from branches across the building society’s network, with the potential for franchisees to establish operations in locations where The Nottingham doesn’t currently offer estate agency and lettings, allowing the Society to extend these services to more of its members.

The partnership could, in time, also enable the Nottingham to extend its reach, creating a presence for building society services, through Belvoir offices in locations it doesn’t operate in today.

Chief executive officer of The Nottingham, David Marlow, commented: “After great consideration, we believe the model in our members’ best interest and for the long-term success and sustainability of the Society is to deliver an estate agency and lettings proposition through an expert partner.

“We already successfully use this approach for a number of services delivered to members and the strategic alliance we are undertaking with the Belvoir Group not only provides a continuation of service to the majority of our members, but brings greater opportunities to work closely together to boost the reach of our combined national networks.

“Whilst the transfer of our operations to the Belvoir Group marks the end of an era of us being our own estate agency, we’re confident it’s a positive move for the Society and our members.”

Dorian Gonsalves, chief executive officer of the Belvoir Group, added: “This strategic alliance allows our Group brands, which consist of Belvoir, Newton Fallowell, Northwood and Lovelle, to provide all Nottingham members with a seamless estate agency service, either from our shared or stand-alone locations throughout the UK. This alliance also enables our franchisees to open in new locations, further increasing the Group’s footprint.”

The vast majority of the Society’s estate agency and lettings activity will transfer to the Belvoir Group and it will cease trading as its own estate agency and lettings operation for new business by the end of August.

Three standalone estate agency branches and three combined building society and estate agency branches will close. The proposed branch locations for closure are Enderby; Syston; Western Park; Market Harborough; Chatteris; and Wisbech.

The Society is proposing to take its branch network to 48 with the merger of eight branches that have a partner branch in close proximity and in locations where current branch presence is high. Those are: Wollaton Park; Firth Park; Carlton Hill; Groby; Netherfield; Sherwood; Ruddington; and Harpenden. The Society is also proposing to close its Huntingdon branch as there isn’t a suitable local branch for it to merge with.

The Nottingham has assured its members that where a branch closure is taking place, the nearest replacement building society branch that services will be merged with will be no more than 5 miles away.

The Society also announced that it is extending its rate freeze for branch savings accounts, following the
Bank of England rate reductions in March, to six months – therefore safeguarding the interest rates paid to members at levels payable before the coronavirus lockdown at the end of March, until the end of September.