ONE of Basingstoke’s best-known, and long-running, estate agents has been sold to national lettings chain Belvoir.

Redwoods Estate Agents was set up in 1992 by Jeff Bevins, 55 and Brian Hewitt, 62. They have now sold the business for health reasons.

Mr Bevins, who suffered a heart attack last year, said: “We’ve run the business for 21 years, but we reluctantly had to sell it – we didn’t have the energy to take the business forward.

“Brian, who has been an estate agent for around 45 years, starting when he was 16, has health issues and is retiring, but I will be working part-time from home as a property and business consultant.”

Mr Bevins, who has been an estate agent for 28 years, said: “We will miss the staff – we love the staff.”

The firm’s residential sales business will for the time being continue to operate under the Redwoods brand name.

However, the lettings side of the business, run from the New Street offices in Basingstoke and in Andover, are to be sold to existing Belvoir franchisees.

Meanwhile, the letting business in Tadley and Brighton Hill will be run by Belvoir’s central office, in Grantham, Lincolnshire.

Dorian Gonsalves, chief executive officer of Belvoir Lettings plc, said he was delighted with the acquisition.

He said: “The four Redwoods offices have substantially increased our network turnover and addressable market.

“The transaction opens up opportunities in southern England and the home counties – a key strategic territory in our growth plans and is a major step in our acquisition plan.

“We expect the benefits of this transaction next year, and look forward to working with the franchisees of these agencies going forward.

“Belvoir continues to explore a number of exciting opportunities to expand our network which in the longer-term, we expect to underpin the continued growth of the company.”

Belvoir’s Basingstoke base is at Winton House, in Winchester Road, was set up in 2009 and is run by Andrew Lowery and Mike Jones.

Mr Jones, who is also an investment landlord, said: “It has always been our intention to expand and make Belvoir Basingstoke the largest and best lettings agency in the area.

“Belvoir’s franchise support team alerted us to this opportunity and assisted throughout the acquisition process.

“Our lettings portfolio has now significantly increased, making us one of the largest franchises within the Belvoir network. We have a fantastic team of people and are looking forward to meeting the challenges and opportunities that this acquisition will bring.”

Belvoir is one of the largest letting franchises in the UK. It recently won the Best Lettings Franchise at the Lettings Agency of the Year 2012 awards, held in association with The Sunday Times and the Times.

Last year, Belvoir became the first residential lettings agency to launch on the AIM market of the London Stock Exchange.