Belvoir targets high-end London rental market in acquisition

Letting chain Belvoir has made three acquisitions, one of which gets it into the high-end London rental market.

It has purchased Soames, which will hang on to its own branding for a year during earn-out agreements with the vendor. It will then rebrand and ultimately may be run by four or five separate Belvoir businesses.

The firm operates at the top end of the London market with a portfolio of properties spanning Belgravia, Pimlico, Knightsbridge and Westminster.

In Shropshire, Belvoir Telford has increased its managed portfolio by over 80 properties with the acquisition of a further £100,000 of acquired lettings income. The acquisition was funded by the franchise owners in Telford through existing cash facilities and supported by a small loan from the Belvoir head office.



In Suffolk, Belvoir Ipswich, after six years operating as a Belvoir franchisee with the business building steadily, has acquired Prime Residential. This will double its lettings income, increasing its portfolio by over 230 properties. 



Carl Chadwick, finance director of Belvoir Lettings, said: “Belvoir’s acquisition drive is clearly now in full flow and the Soames acquisition demonstrates Belvoir is making successful inroads into the London market.

“These further acquisitions demonstrate Belvoir’s growth strategy, expanding geographically and also creating stronger networks in already established areas.

“Belvoir’s growth is underpinned by these opportunities and we continue to explore more exciting bolt-on acquisitions.”