Member Article

Brighton and Hove's Belvoir Lettings doubles portfolio with latest acquisition

The Brighton and Hove franchise of Belvoir Lettings has almost doubles the size of its business following a major acquisition.

The rental property company, which took over the Brighton and Hove office less than a year ago, was supported in its acquisition by a £40,000 loan from Belvoir.

Similarly, the Belvoir Southampton franchise, which has been in operation for two years, has completed on the acquisition of Langford Charles Ltd, a lettings and estate agency, supported by a Belvoir loan of £78,500. Both loans are repayable over three years.

Together these acquisitions increase the Belvoir network revenue by around £250,000.

These two acquisitions are in line with Belvoir’s policy of providing partial funding to support Belvoir franchisees to expand their business and will jointly add almost £30,000 in recurring MSF (Management Service Fees), the Company’s main revenue stream from its franchisees.

Growth through franchisee-led acquisitions contributed 6.9% of MSF growth in the first half of 2015 and is a key element of Belvoir’s growth strategy. Interest charged against the loans will give rise to an additional income stream of around £10,000 per annum.

Mike Goddard, Chairman and CEO of Belvoir commented: “These two franchisee-led acquisitions are another example of the Company continuing to deliver on its growth strategy of expanding the network organically and by acquisition.

“The Belvoir Group has had a fantastic year so far with the acquisition of Newton Fallowell and Goodchilds, two significant franchised networks and it is really exciting to see that our franchisees are also taking the initiative to build the network further themselves by consolidating smaller branches across the UK. “

This was posted in Bdaily's Members' News section by Ellen Forster .