Belvoir Group PLC - Lincolnshire, England-based property franchise group - Acquires White Kite Holdings 2021 Ltd and its two subsidiaries White Kite Ltd and Nicholas Humphreys Franchise Ltd for GBP4.0 million cash from its existing cash resources. Notes the two subsidiaries are collectively referred to as Nicholas Humphreys. Says following the incorporation of the two subsidiaries into the group, Belvoir will be operating through a network of 439 businesses across six distinct brands, with a combined portfolio of 71,787 managed properties.
"The acquisition of Nicholas Humphreys demonstrates again that Belvoir is delivering on its strategic objective of investing in successful franchise businesses that are aligned with our multi-brand franchise model, where there is scope for further growth as part of the group. With its bias towards lettings, the Nicholas Humphreys business is underpinned by a strong recurring revenue stream, whilst offering the opportunity to roll out Belvoir's existing expertise in sales and financial services across the network. Having funded the acquisition from cash reserves, it will be immediately earnings accretive, driving enhanced returns for our shareholders," says Chief Executive Dorian Gonsalves.
Current stock price: 208.45 pence, up 4.8% on Thursday
Year-to-date change: up 38%
By Zoe Wickens; zoewickens@alliancenews.com
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