LONDON (Alliance News) - Belvoir Lettings PLC Friday said the joint franchisees of the Belvoir Oldham and Bury offices have acquired Rayson Wilshaw, an estate and lettings agent in Bury, north west England.
The AIM-listed lettings and estate agency company said GBP250,000 will be paid for Rayson Wilshaw, with half of that amount being paid immediately in cash and the remainder being paid over four years.
Belvoir Lettings said the acquisition means its managed service fee revenue is projected to increase by GBP33,000 per annum and interest on the loan will be charged at 8.95%.
"Having opened the Belvoir Bury office in January 2013, this franchise has gone from strength to strength, acquiring the neighbouring Oldham office in January 2014 and winning the 2014 Belvoir New Franchise of the Year award. This acquisition will more than double the size of their business, expanding their lettings portfolio to over 1,000 properties and enabling them to gain a firm foothold in the estate agency market in Bury," Belvoir Lettings said in a statement.
"This acquisition further reinforces Belvoir's strategy to support franchisees to grow the Belvoir brand across the UK in lettings and estate agency,"
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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