Belvoir has told its shareholders that it aims to acquire agencies that exit the lettings sector when the ban on fees comes into effect in England, thought to be next year.
In a brief trading statement ahead of full year-end figures on April 10, Belvoir - the UK’s largest property franchise company - says its performance for 2017 is set to be in line with market expectations.
During the year it saw its management service fee income increase 22 per cent and its group revenue rise 13 per cent.
The Belvoir group now represents over 58,000 managed properties (up from 55,756 in 2016) and had a year-end bank balance of £1.3m after the recent £1.5m acquisition of Brook Financial Services had been settled in cash.
There were 23 new franchisees acquisitions during the year.
"In 2017 Belvoir successfully supported franchise growth across all our brands through our Assisted Acquisitions programme and by promoting additional revenue streams such as property sales and property related financial services” says Dorian Gonsalves, chief executive.
He says there are “continued opportunities for consolidation within the sector” and that he anticipates “smaller independent agents will continue to look to exit following increased regulation and the prospect of the ban on tenant fees in 2019, and our acquisitions team is working closely with our entrepreneurial franchisees who are keen to invest to grow their business.”