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Belvoir Lettings completes Lettings @ Victoria Mills acquisition

Fri, 05th Dec 2014 11:20

Belvoir Lettings has completed the acquisition of West Yorkshire-based lettings agency Lettings @ Victoria Mills.The firm said the purchase was carried out by the franchise owner of Belvoir Leeds North West, with a £66,000 pound loan provided by the head office and the remainder of the acquisition founded by bank facilities."This partial funding will ensure a better return on Belvoir's capital. Belvoir will benefit from an increase of £17,000 per annum in its management service fee revenue and the acquisition will be earnings enhancing in its first full year of ownership," the company said in a statement.The takeover of Lettings @Victoria Mills, which has a portfolio of 154 managed properties, was the sixth acquisition Belvoir has completed in 2014 and will see the West-Yorkshire based agency merge with Belvoir's branch.Group chief executive Mike Goddard said the purchase was another step in the group's expansion programme."We are delighted to be able to support the expansion of this business through the group's acquisitions funding programme," he said."Throughout 2014 Belvoir has extended over £2m worth of loans to support six acquisitions by the network as we continue to pursue further growth opportunities across the UK."Belvoir shares were up 8.53% to 140.00p at 11:36 on Friday.

More News

29 Nov 2013 14:16

Belvoir Lettings announces UK portfolio acquisition

Shares in Belvoir Lettings climbed after the company announced the acquisition of a "significant" lettings portfolio in the Cheshire and Merseyside regions of the UK. The deal is a joint acquisition by the group's franchises Belvoir Warrington and St Helens and is expected to be earnings enhancing

29 Nov 2013 09:22

Belvoir Lettings Acquires Lettings Portfolio In Cheshire And Merseyside

22 Nov 2013 08:48

Belvoir Lettings Raises GBP5.35 Million In Placing For Expansion

6 Sep 2013 15:59

DIRECTORS DEALINGS - Belvoir Lettings Executives Sell Shares

5 Sep 2013 10:47

Belvoir launches new pilot scheme

Belvoir Letting has launched a new estate agency sales pilot trialling residential property sales for one year. The trial initially includes ten offices from a cross-section of Belvoir outlets across England, Scotland, Wales and Northern Ireland and will run an estate agency offering alongside the

5 Sep 2013 10:25

Belvoir Lettings Profits Up; Launches New Property Sales Pilot

20 May 2013 12:04

Belvoir Lettings acquires four lettings agencies

Belvoir Lettings has acquired four lettings agencies based in England's Basingstoke and Andover. The UK letting company purchased Claygold, which trades as Redwoods from one branch in Andover and three in Basingstoke. Redwoods letting business will be sold on to the two existing Belvoir franchise

19 Apr 2013 08:47

Friday broker round-up UPDATE

African Barrick Gold: JP Morgan cuts target price from 290p to 200p, while leaving its underweight rating rating unchanged. Fox Davies reduces target price from 353p to 315p and maintains a hold rating. Westhouse Securities lowers target price from 195p to 180p retaining a neutral rating. Belvoir L

5 Apr 2013 16:55

Belvoir Lettings Chairman sells shares to satisfy institutional demand

Belvoir Lettings, the UK lettings specialist which listed on the AIM market in February last year, announced on Friday that its Executive Chairman and founder had sold a quarter of a million shares in the group in order to help satisfy 'significant institutional demand'. The news comes just a week

6 Mar 2013 07:03

Wednesday broker round-up UPDATE

Advanced Medical Solutions: Investec takes target price from 68p to 74p and maintains a buy recommendation. Aggreko: Citigroup reduces target price from 2550p to 2100p, while keeping a buy rating. Ashtead Group: Citigroup raises target price from 590p to 660p leaving its buy recommendation unalter

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