Belvoir Lettings acquires two new offices

Real estate investment group Belvoir Lettings has acquired two new offices as part of its plan to expand the company's geographical presence.The group has purchased independent lettings agent, Key Estate Agents, located in Attleborough, which will be combined with its branch Belvoir Nuneaton, representing a four-fold increase in the number of properties managed.The acquisition will be financed by a loan from Belvoir, funded through existing cash facilities.The firm's Belvoir Grantham office has been acquired by the existing franchise owner of the Belvoir Bourne and Belvoir Spalding agencies, which is line the company's strategy to reduce corporate-owned offices by "franchising out".Chief Executive Office Mike Goddard said: "We are making good progress expanding our office base across the UK and we continue to look at a number of acquisition opportunities to support this strategy. We look forward to updating the market on further opportunities in due course".As of 10:26 the share price had risen 2.32% to 130p.WS