2 Jul 2014 07:00
For Immediate Release | 2 July 2014 |
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BELVOIR LETTINGS PLC
(the "Company" or "Belvoir")
Two further acquisitions completed
Belvoir Lettings PLC (AIM: BLV), one of the UK's largest lettings franchises, is delighted to announce two new acquisitions following the 10 significant acquisitions completed by Belvoir franchisees in 2013, highlighting the continued growth of the Belvoir portfolio.
Belvoir's first acquisition is of "Key Estate Agents", an independent lettings agent in Attleborough, which will be combined with Belvoir Nuneaton and represents a four-fold increase in the number of properties managed for this Belvoir branch. The acquisition will be financed by a loan from Belvoir, funded through existing cash facilities.
Additionally, in line with Belvoir's stated strategy to reduce corporate-owned offices by franchising out, the Belvoir Grantham office has been acquired by the existing franchise owner of the Belvoir Bourne and Belvoir Spalding agencies.
These transactions demonstrate successful progress towards Belvoir's strategic goals to complete acquisitions of offices to expand Belvoir's UK offering, both for franchise owners and corporately owned outlets, pending franchising when appropriate.
Mike Goddard, Chairman and CEO commented:
"Belvoir's stated strategy of organic and bolt-on acquisitions to expand the Company's geographical presence is further demonstrated by today's news. We are making good progress expanding our office base across the UK and we continue to look at a number of acquisition opportunities to support this strategy. We look forward to updating the market on further opportunities in due course."
For further details:
Belvoir Lettings PLC Mike Goddard, Chairman and CEO Louise George, Finance Director
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01476584900 investorrelations@belvoirlettings.com
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Cantor Fitzgerald Europe Rick Thompson, David Foreman, Corporate Finance David Banks, Corporate Broking | 0207 894 7000
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Buchanan Charles Ryland, Gabriella Clinkard |
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 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.