Further progress on acquisition programme

RNS Number : 5219K

Belvoir Lettings PLC

31 July 2013

 

For Immediate Release

31 July 2013

BELVOIR LETTINGS PLC

(the "Company" or "Belvoir")

Further progress on acquisition programme

Belvoir Lettings PLC (AIM: BLV), one of the UK's largest lettings franchises, is pleased to announce three separate acquisitions.

London

The first, Soames London, is an independent lettings agent funded by a cash consideration. Soames will become a corporate outlet where Belvoir property management will carry out the lettings trade on behalf of the Company.

Soames compliments the existing Belvoir corporate outlet in London,  which now addresses the high end London rental markets, particularly the Belgravia, Pimlico, Kinightsbridge and the Westminster boroughs. The decision to acquire Soames as an independent agent was based on their long established trading in the city, their personnel's vast knowledge in the market place and the Soames portfolio of properties which fits well within these areas.

Ultimately it is likely that the Belvoir run agencies in these areas will form 4-5 separate businesses. Soames will be run as a separate trading business for the first year of Belvoir ownership until the earn out agreements with the vendor is complete.

Telford

Belvoir Telford has also increased its managed portfolio by over 80 properties with the acquisition of a further £100,000 of acquired lettings income. Belvoir head office assisted throughout the acquisition with project management, financial modelling and due diligence. The acquisition was funded by the franchise owners in Telford through existing cash facilities and supported by a minimal loan from the Belvoir head office.

Ipswich

Finally, Belvoir Ipswich, after six and a half years operating as a Belvoir franchisee with the business building steadily, has acquired Prime Residential Ltd. This acquisition will double its lettings income, increasing its portfolio by over 230 properties, resulting in them having one of the largest portfolio's in the area.

These acquisitions continue Belvoir's strategy of expanding its portfolio of outlets across the country and form part of Belvoir's scheduled acquisition strategy and business plan for this financial year.

Carl Chadwick, Finance Director of Belvoir Lettings PLC commented:

"Belvoir's acquisition drive is clearly now in full flow and the Soames acquisition demonstrates Belvoir is making successful inroads into the London market.

These further acquisitions demonstrate Belvoir's growth strategy, expanding geographically and also creating stronger networks in already established areas. Belvoir's growth is underpinned by these opportunities and we continue to explore more exciting bolt-on acquisitions."

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 or Julian Erleigh, Corporate Finance Jeremy Stephenson or Katie Ratner, Corporate Broking	0207 894 7000
Buchanan Charles Ryland, Gabriella Clinkard www.buchanan.uk.com	0207 466 5000

 

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