One of Belvoir's newest and youngest franchise owners has completed on a substantial acquisition to kick-start his new business.
Luke Marchbanks, 25, was initially going to cold start a Belvoir lettings franchise in Bournemouth but has now acquired Newstead Lettings Limited, which will soon be rebranded to Belvoir Bournemouth.
“It is a bold and fairly unusual move for a relatively new franchise owner to launch their business with an acquisition” says Dorian Gonsalves, Belvoir's managing director.
Marchbanks, who has a background in retail, has worked for many large corporate companies in senior management roles.
News of the acquisition came through as it was announced that Belvoir Lettings was acquiring Northwood, the largest remaining independent UK lettings franchise, operating 86 outlets nationwide.
The sum involved is said to be £22m and it means that on completion Belvoir will be the largest property franchise group in the UK.