7 Oct 2020 07:00
7 October 2020
BELVOIR GROUP PLC
(the 'Group' or 'Belvoir')
100th Assisted Acquisition
Belvoir Group PLC (AIM: BLV), the UK's largest property franchise, is pleased to announce that the Group has successfully completed its 100th transaction under its Assisted Acquisitions programme, a core part of Belvoir's growth strategy.
Since establishing the Assisted Acquisitions programme at the end of 2013, the Belvoir Group has now supported 100 acquisitions by its franchisees, with a total deal value of £25 million, boosting franchisee network revenue by £24 million. Franchisees across all of the Group's networks have embraced the strategy, seeing the acquisition of a local business as a means of significant growth with many of them doubling the size of their business overnight.
The Group operates a team of three staff providing research to identify acquisition targets, commercial support to secure the best deal and assistance in obtaining the necessary funding. The Group will also lend the franchisee up to 30% of the consideration, if required, and currently has a franchisee loan book totalling £2.8 million.
The 100th transaction was undertaken by the new Northwood Wolverhampton franchisee, Mahomed Imtayas, who has acquired Millenium Properties (Letting Agents) Limited which had a portfolio of 250 managed properties. Mahomed joined the Northwood network in September having previously operated and sold a successful franchise business.
Dorian Gonsalves, CEO of Belvoir, commented;
"The Assisted Acquisitions programme, now in its seventh year, has gone from strength to strength. Since 2014 we have provided both commercial and financial support in relation to 100 deals with some of our ambitious franchisees having undertaken more than one acquisition to grow their business. The strategy is a win-win for both the franchisee and the franchisor, having been a significant contributing factor in the 80% increase in average revenue of our franchisees up from £150,000 in 2013 to £270,000 in 2019.
I am delighted to welcome Mahomed to the Belvoir Group and wish him every success in his new business venture. Having been speaking to Mahomed for a couple of years, we were pleased to be able to find a suitable acquisition to help him get started as a new Northwood franchisee. I am sure that his previous experience of franchising will be invaluable to him.
Our franchisees are professionally and financially equipped to take advantage of a consolidating sector and Belvoir is committed to supporting our franchisees' entrepreneurial growth ambitions, to the benefit of our franchisees, the Group and our shareholders alike."
For further details:
Belvoir Group PLC Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer www.belvoirgroup.com
| 01476 584900 investorrelations@belvoirgroup.com | ||
finnCap Julian Blunt & Teddy Whiley (Corporate Finance) Tim Redfern (ECM) www.finncap.com
| +44 (0) 20 7220 0500 | ||
Buchanan Charles Ryland, Kim Looringh-van Beeck & Tilly Abraham | +44 (0) 20 7466 5000 | ||
|
|
|
|
Notes for editors:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 396 offices across five brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages over 68,550 properties and reported record revenues of £19.3m in 2019 making Belvoir the largest property franchise group in the UK.
For further information, please visit: www.belvoirgroup.com