Belvoir Lettings shares fall on acquisition news

Shares in Belvoir Lettings fell after the company said it had acquired East Midlands firm Newton Fallowell and said it would raise more capital.The AIM listed firm was trading at 127p at 16.05, having lost 4.15% since it opened on Wednesday.Belvoir said it had reached a conditional agreement to buy Newton Fallowell for a total consideration of up to £6.38m.The deal was for initial consideration of £3.9m, and up to a further £2.33m determined by earnings generated after acquisition.Belvoir Lettings said the acquisition was the first step in becoming a multi-franchise model, and increases the group's presence by 31 outlets.