Local property agent Sheldon Bosley Knight (SBK) has acquired another Midalnds-based agency, adding more than 1,100 fully managed properties to its portfolio.

Loveitts' commercial, estate management, new homes, auction and land departments have been taken over by SBK's as well as the 60 members of staff currently based in Nuneaton, Leamington Spa and Coventry.

The announcement comes as two of Loveitts' long-serving directors – Peter Rosier, who has been with Loveitts for almost 50 years, and Kendall Head, the firm's former principal auctioneer – step away from the business to enjoy their "well-deserved" retirements.

Loveitts was established in 1843 by Thomas Clarke along with Messers Cope and Chatwin.

In 1888 Clarke, Cope and Chatwin was taken over by George Loveitt and in 1891 changed its name to George Loveitt & Sons. In more recent times it became known simply as Loveitts.

The company has its roots in auction sales in Coventry and spent much of its first few decades hosting auctions at venues such as Coombe Abbey. It also oversaw the sale of Coventry's Opera House Theatre in Hales Street and the auction of Queens Hotel in Hertford Street.

In the 1960s it expanded, opening branches in Leamington and Nuneaton.

In the following decades the business further to encompass residential sales and lettings, block and service charge management, land and new homes and commercial, whilst still retaining its long and illustrious history with the city of Coventry and Warwickshire as a whole.

SBK custodian, Mike Cleary said: "Loveitts is a high calibre, prestigious agency and so this is an extremely important and significant deal which will solidify our two brands as being a powerhouse in the Midlands.

"As well as sharing similar departments and the same birth date of 1843, we share the same values and ethos, so this is an excellent fit for both of us.

"I am also delighted the staff will be joining us on what I believe will be a very exciting journey.

"I am confident we will continue to provide an excellent level of service for all our clients in the Midlands and beyond."

Loveitts director Sally Smith said: "These are truly exciting times for all of us here in the Loveitts family as we now look forward to a bright new future as part of the Sheldon Bosley Knight group.

"The timing is perfect as we now look to really accelerate our growth, whilst still, of course, maintaining that personal trusted service our clients have grown to know and love."

Loveitts director John Pugh said: "Moving Loveitts forward within the Sheldon Bosley Knight Group is an absolutely fantastic opportunity for us to build on our shared values and to continue the professional service we have provided our clients over the past 181 years.

"As a business we will continue to serve the people of Coventry and Warwickshire with the passion, expertise and spirit we have always done, but with the added bonus now of being able to offer additional services across the rural sector and also in terms of our being able to provide planning and architecture expertise too."

SBK, which also celebrated its 180th birthday last year, now has more than 240 in-house staff in offices across Coventry and Warwickshire, Leicestershire, Worcestershire and the Cotswolds.

The addition of Loveitts is the third acquisition for SBK this year, following that of Charles Saville in Stratford in February and Leicestershire-based lettings agency, Charles Kimbell earlier in March.