LONDON (Alliance News) - Belvoir Lettings PLC Friday said the owner of its Hereford and Worcester franchise has acquired Hereford-based lettings and estate agent Maitland Rachel.
Belvoir Lettings provided a loan to the franchise to fund the deal.
Until recently, Belvoir's strategy was to specialise in lettings services through its own outlets and through franchised offices trading under the brand. Each franchisee pays an initial fee to Belvoir, plus an on-going management service fee which is a percentage of monthly revenue. However, last year the company branched out and established an estate agency arm.
Maitland Rachel will ultimately be combined with the Franchise owner's current agencies.
Earlier this week, Belvoir Lettings said its Nuneaton franchise acquired Key Estate Agents an independent lettings agent in Attleborough in a similar deal. The deal was funded by a Belvoir Lettings loan.
Belvoir Lettings shares were untraded Friday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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