15 May 2015 07:00
For Immediate release 15 May 2015
BELVOIR LETTINGS PLC
(the "Company" or "Belvoir")
Acquisition of Lettings Agency in Bury
Belvoir Lettings plc (AIM: BLV), one of the UK's largest lettings franchises, is pleased to announce that in line with its stated strategy of expanding its national coverage, the joint franchisees of the existing Belvoir Oldham and Bury offices have completed the acquisition of Rayson Wilshaw, a leading estate and lettings agent in Bury.
Total consideration will be £250,000, of which 50% will be being paid in cash funded by Belvoir Lettings PLC and the remaining 50% to be paid as a deferred consideration over a 4 year period.
Having opened the Belvoir Bury office in January 2013, this franchise has gone from strength to strength, acquiring the neighbouring Oldham office in January 2014 and winning the 2014 Belvoir New Franchise of the Year award. This acquisition will more than double the size of their business, expanding their lettings portfolio to over 1,000 properties and enabling them to gain a firm foothold in the estate agency market in Bury.
This acquisition further reinforces Belvoir's strategy to support franchisees to grow the Belvoir brand across the UK in lettings and estate agency. As a result of the acquisition the Company's managed service fee revenue is projected to increase by £33,000 per annum and interest on the loan will be charged at 8.95%.
Mike Goddard, Chairman and CEO of Belvoir commented:
"This acquisition is just another example of our successful growth strategy taking effect. By constantly seeking out acquisition opportunities and supporting our strong franchisees, Belvoir is in a very positive position to continue to establish the brand and grow our network nationally. We greatly admire the enthusiasm and ambition of our franchise in Bury and Oldham and wish them every success."
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, Tessa Sillars, Corporate Broking |
0207 894 7000 |
Buchanan Charles Ryland, Gabriella Clinkard, Robbie Ceiriog-Hughes |
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 162 outlets nationwide and aims to have 200 franchises in the next three years. 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 21st February, 2012.