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Belvoir says latest acquisitions take it over 57,000 lettings units

Belvoir has told shareholders and the City that it now has 57,637 lettings units under management following the addition of 1,310 from new acquisitions.

In a trading statement it says that so far this year it has secured 12 franchisee-led acquisitions - six were secured by Belvoir itself, five by Northwood, and a further one by Newton Fallowell.

The acquisitions were in London, Epsom, East Horsley, Newbury, Trowbridge, Hereford, Telford, Hinkley, Lincoln, Bolton and Oldham.

Combined they have increased network revenue by £1.732m at a total deal cost of £2.116m. 

The company anticipates they will increase management service fees - Belvoir's main revenue stream from its franchisees - by £188,000 in a full year and £83,000 in the current year.

"[Our] Assisted Acquisition programme has contributed significantly to Belvoir's continued growth over recent years and we now expect to exceed the additional network revenue from acquisitions set by the board for 2017” Dorian Gonsalves, chief executive of Belvoir says. 

“We have further such deals currently with lawyers and other opportunities under review, with the aim of enabling our franchisees to benefit from consolidation in the sector.”

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