Dowen Estate Agents, which has eight branches across the North East, along with a dedicated auctions department, has been acquired in a management buyout (MBO).

Dowen Estate Agents, founded in 1982, is now fully controlled by John Nicholson and Trudie Bowes, who have more than 35 years of combined experience at the company, following the retirement of managing director Denis Dowen.

The MBO was funded by HSBC while commercial law firm, Square One Law and independent chartered accountants, UNW advised the management team.

The full-service Hartlepool-headquartered estate agency offers a wide range of property related services covering sales, lettings, auctions, surveys, mortgages and conveyancing. It is also a founding member of The Great North East Property Auction.

Nicholson said: “Trudie and I have been part of the business for so many years and have watched it go from strength to strength, it’s a real privilege to be a co-owner of a five star estate agents and we look forward to building on the success the different businesses have enjoyed to date.”

“We are grateful to our advisers Square One Law and UNW for their clear advice and support throughout the process – we couldn’t have done it without them.”

Charlie Fielding, corporate partner at Square One Law, said: “We are delighted to have advised John and Trudie. Although we are experiencing challenging market conditions, John and Trudie’s extensive experience puts them in great stead and the management buy-out enables them to seize the opportunity and take the business forward.”