LONDON (Alliance News) - Belvoir Lettings PLC Friday said it has acquired a lettings portfolio in the Chester and Merseyside regions through its Warrington and St Helens franchisees.
The lettings specialist ,which recently launched an estate agency pilot, said the deal is part of a wider strategy to support existing franchise holders to expand their networks in their local areas.
The enlarged portfolio, managed by Belvoir Warrington and St Helens jointly, will increase its presence across the area for both landlords and tenants and will significantly increase revenue in both territories, Belvoir said.
Earlier this month the firm raised GBP5.35 million by placing 3.3 million shares at 160 pence with new and existing investors, allowing it to expand its own offices and support its franchisee acquisition programme
The acquisition will be earnings enhancing in the first year of ownership, and is funded by the two franchise holders, assisted by Belvoir.
Belvoir did not disclose the financial terms of the deal.
The stock was trading at 187.10 pence Friday morning, up 5.60p or 3.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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