The UK’s largest property franchise group says the current Coronavirus crisis shows precisely how robust its franchise business model is.
In a statement to shareholders, Belvoir Group’s chief executive Dorian Gonsalves says: "Having reported significant growth in 2019 and got off to a good start in Q1 2020, it has been hugely frustrating for the group not to have been able to build further on this momentum due to Covid-19. However, the current climate has proved once again just how robust and resilient our franchise business model is.”
He continues: ”Belvoir benefits from a high degree of recurring revenue with 61 per cent of gross profit derived from lettings and just 16 per cent dependent on estate agency. Meanwhile, our financial services division has a substantial client base to which we sell a wide variety of financial products, with no excessive dependency on new mortgage sales alone.”