An estate agency saved from administration is opening a second branch after doubling its workforce and increasing revenue by 130%.

Alistair Trippett bought Heywoods, one of Staffordshire’s oldest estate agencies, out of administration in 2022 when the 141-year-old business faced closure.

Four years later, the company employs 24 people, up from 12, and is preparing to open a second office in Meir Heath, Stoke-on-Trent, on Monday 2 November.

The expansion follows a 130% increase in revenue, which Trippett says has been achieved organically despite challenging housing market conditions.

Heywoods is now targeting annual revenue of more than £2m in 2027.

From administration to expansion

Founded in 1881, Heywoods has operated in Newcastle-under-Lyme for more than 140 years.

Its future was uncertain when Trippett, then aged just 26, acquired the business from administrators.

Since taking control, he has expanded the team and grown the agency’s sales, lettings and property management operations.

The new branch, at 422 Sandon Road, will extend Heywoods’ coverage across Stoke-on-Trent and surrounding areas.

It will be managed by Luke Webber, who joined the company earlier this year.

The office is also just 200 yards from Trippett’s childhood home.

Trippett said: “I am almost four years to the day since I bought Heywoods out of administration.”

He attributed the company’s growth to referrals and recommendations, alongside the work of its expanding team.

£2m revenue target

The latest opening marks Heywoods’ first branch expansion since its rescue.

The company is now looking to increase its market share across Staffordshire, with further recruitment expected as the Meir Heath office becomes established.

Its immediate target is to push annual revenue beyond £2m next year.

The expansion comes against a difficult backdrop for estate agents, with higher borrowing costs and cautious buyers continuing to affect market activity.

Nevertheless, Heywoods has increased its headcount by 100% and reported revenue growth of 130% since the 2022 acquisition.

For an agency that faced disappearing from the high street four years ago, the opening marks a notable change in fortunes.