Belfast Telegraph

Reeds Rains weathers storm as estate agents buy branches

By Clare Weir

Two estate agents have helped stage a management buy-out of Northern Ireland's Reeds Rains franchise.

Ryan Andrews and Michael Graham teamed up with Nigel Favas to save branches of Reeds Rains on Belfast's Lisburn Road, Newtownards, Glengormley, Lisburn, Carrickfergus and Bangor.

There were fears that the Yorkshire-based firm could leave Northern Ireland after a branch network review last month.

Two branches in Andersonstown, west Belfast, and in Portadown closed just before Christmas and others in Comber and Cregagh Road, east Belfast, are also due to close.

Mr Andrews said that the trio and around 20 staff were looking forward to the challenges ahead.

"There is a lot of gloom in the media about the housing market but I don't think anyone would jump into a venture like this if they didn't see some light at the end of the tunnel," he said.

"There is a market out there, sales-wise things are consistent and there is still good demand for well-priced property."

He said the six branches would absorb customers from the others which have shut.

"We're local guys with confidence in the housing market here and we are looking forward to the challenges ahead."

While Mr Andrews and Mr Graham originally managed the branches in Northern Ireland, Mr Favas was a former Reeds Rains managing director.

Reeds Rains set up in Northern Ireland two years ago after buying the estate agency business of Halifax when it withdrew from the market.


Number of branches of Reeds Rains saved by the recent buy-out