The UK’s largest franchise agency has secured funding which it will use to strengthen its growth and acquisition strategy.
Belvoir has secured a loan facility from HSBC which is part of a refinance package of up to £17 million.
The acquisition fund is part of a 'revolving credit facility' from HSBC which includes £6.5 million refinancing of existing borrowing.
Belvoir, which already has 300 franchise offices across the country, says it is aiming to purchase additional franchises as well as other property-related companies.
“When it came to providing the funding to support our immediate and longer-term growth ambitions, HSBC stepped in and offered the necessary facilities that were both competitive and flexible enough to meet our needs,” explains Louise George, Belvoir Lettings' chief financial officer.
“The lettings industry is going through a period of consolidation with increasing regulations placing pressures on administrative tasks for smaller agencies," adds Roger Pratt, HSBC area director for corporate banking in East Midlands.
He says this landscape is creating a need for businesses like Belvoir Lettings to take on new recruits.
Belvoir floated on the London Stock Exchange in 2012 - its current market capitalisation is around £37 million.