Belvoir Lettings completes Lettings @ Victoria Mills acquisition

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.