Franchise giant Belvoir has given a glowing report to shareholders, saying it exceeded its 2017 target for portfolio acquisitions by franchisees.
During last year, franchisees completed on 23 transactions under the Belvoir Assisted Acquisitions programme increasing the annualised network revenue by over £3.3m - around 10 per cent up on the target set by the board.
These acquisitions have added an ongoing annual £350,000 of recurring fees, which form the revenue for the group; there has been a four per cent increase in its managed porfolio which now stands at over 58,000 properties.
Following the acquisition of Northwood in June 2016, over half of the Northwood franchisees have registered with the Assisted Acquisitions programme; of the 23 deals completed in 2017, 14 were from the Northwood network, one from Newton Fallowell and the remaining eight from Belvoir.
"In addition to exceeding our target completions for 2017, we ended the year with a very robust pipeline of deals currently with lawyers which we would expect to complete in the first quarter of 2018” says Belvoir chief executive Dorian Gonsalves.
“The appetite for securing portfolio acquisitions reflects the entrepreneurial spirit of our franchisees who are adapting to changes within the sector and seeing opportunity for growth as the sector consolidates."