5 Dec 2014 07:00
For Immediate release 5 December 2014
BELVOIR LETTINGS PLC
(the "Company" or "Belvoir")
Acquisition
Belvoir Lettings PLC (AIM:BLV), one of the UK's largest lettings franchises, is pleased to announce the acquisition of the trade of Lettings @ Victoria Mills, a lettings agency with a portfolio of 154 managed properties in Shipley, West Yorkshire. This is Belvoir's sixth acquisition during 2014.
The acquisition is in line with Belvoir's stated strategy of expanding its coverage across the UK and has been acquired by the franchise owner of Belvoir Leeds North West. Lettings @ Victoria Mills will be combined with the franchisee's current agency and will more than double the size of their property portfolio.
Belvoir has assisted in providing £66,000 as a franchisee loan from Head Office with the greater proportion of the acquisition price being financed by new bank facilities. This partial funding will ensure a better return on Belvoir's capital. Belvoir will benefit from an increase of £17,000pa in its management service fee revenue and the acquisition will be earnings enhancing in its first full year of ownership.
Mike Goddard, Chairman and CEO of Belvoir commented:
"This is another example of our franchisees establishing the Belvoir brand nationally. We are delighted to be able to support the expansion of this business through the Group's acquisitions funding programme."
"Throughout 2014 Belvoir has extended over £2 million worth of loans to support six acquisitions by the network as we continue to pursue further growth opportunities across the UK."
For further details:
Belvoir Lettings PLC Mike Goddard, Chairman and CEO Louise George, Finance Director |
01476 584900 investorrelations@belvoirlettings.com |
Cantor Fitzgerald Europe Rick Thompson, David Foreman, Corporate Finance David Banks, Corporate Broking |
0207 894 7000 |
Buchanan Charles Ryland, Gabriella Clinkard, Helena Bogle |
0207 466 5000 |
About Belvoir Lettings PLC
Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire.
Belvoir is recognised as one of the largest specialist lettings agency franchises in the UK, with 160 offices nationwide. Belvoir was officially awarded the Best Lettings Agency Franchise Gold Award at the 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times. Belvoir also won the Silver Award in 2011.
Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, and won Silver in 2014. Belvoir has won Brand Builder of the Year at the bfa Franchisor of the Year Awards 2011 and Best Marketing Campaign of the Year at the Franchise Marketing Association (FMA) Awards 2011. Belvoir is a founder member of the SAFE Agent Kitemark scheme, which is fully supported by NALS. SAFE Agent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.
Belvoir successfully listed on the AIM market of the London Stock Exchange on 21 February 2012.