Acquisition of significant lettings portfolio

RNS Number : 2351U

Belvoir Lettings PLC

29 November 2013

 



For Immediate Release

29 November 2013

BELVOIR LETTINGS PLC

(the "Company" or "Belvoir")

Acquisition of significant lettings portfolio

Belvoir Lettings PLC (AIM: BLV), one of the UK's largest lettings franchises, is pleased to announce a joint acquisition by its Belvoir Warrington and St Helens franchisees of a significant lettings portfolio in the Cheshire and Merseyside regions.

Belvoir has assisted with this acquisition as part of the company's ongoing commitment to support existing franchise holders to expand their networks in their local areas. The enlarged portfoliowhich will be managed by Belvoir Warrington and St Helens jointly, will result in an enhanced Belvoir presence across the area for both landlords and tenants and will significantly increase turnover in both territories. The transaction represents another successful completion as part of the group's national acquisition growth programme.

The acquisition will be earnings enhancing in the first year of ownership, and is funded by the Franchise holders assisted by Belvoir Central Office.

Dorian Gonsalves, Chief Executive Officer of Belvoir Lettings PLC commented:

"This is Belvoir's first joint acquisition between franchise holders and demonstrates franchisees ability to develop the Belvoir brand in their local areas as well as the Company's aim to support the strengthening of local regional offices.

Belvoir continues to explore a number of exciting opportunities to expand our network which we expect to underpin the continued growth of the Company."

For further details:

Belvoir Lettings PLC Mike Goddard, Chairman Dorian Gonsalves, Chief Executive Officer Carl Chadwick, Finance Director	01476 584900
Cantor Fitzgerald Europe Rick Thompson, David Foreman, Corporate Finance David Banks,  Corporate Broking	0207 894 7000
Buchanan Charles Ryland, Gabriella Clinkard www.buchanan.uk.com	0207 466 5000

 

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