LONDON (Alliance News) - Belvoir Lettings PLC on Wednesday said it has supported the acquisitions of two property portfolios by its franchisees in Brighton and Hove and Southampton.
Belvoir's Brighton franchisee has acquired a property portfolio which will almost double the size of the business, backed by a GBP40,000 loan from Belvoir. In Southampton, its local franchise has acquired Langford Charles Ltd, a lettings and estate agency, backed by a GBP78,500 loan from Belvoir.
The two acquisitions will increase Belvoir's total revenue by GBP250,000 a year, it said.
"These two franchisee-led acquisitions are another example of the company continuing to deliver on its growth strategy of expanding the network organically and by acquisition," said Belvoir Chairman and Chief Executive Mike Goddard.
Shares in Belvoir were untraded early Wednesday, having last traded at 120.30 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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