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Belvoir Lettings PLC (BLV)

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Thursday 13 July, 2017

Belvoir Lettings PLC

Acquisition of Brook, Trading & Board Update

RNS Number : 9525K
Belvoir Lettings PLC
13 July 2017
 

For immediate release                                                                                                                                       13 July 2017

 

 

BELVOIR LETTINGS PLC

(the "Company", "the Group" or "Belvoir") 

Acquisition of Brook Financial Services Limited

Update on Trading

Board Changes

Belvoir Lettings plc (AIM: BLV), the UK's largest property franchise, is pleased to announce that it has acquired the entire issued share capital of Brook Financial Services Limited ("Brook") for a total consideration of £2.0 million (the "Acquisition").  The consideration will be satisfied by a £1.5 million cash payment from existing cash resources and the issue of £0.5 million new ordinary shares in Belvoir to the sole shareholder, Michelle Brook, which are subject of a three year lock in. The Acquisition is expected to be immediately earnings accretive.

The Company is also announcing that Mike Goddard, founder, Executive Chairman and Chief Executive Officer will be standing down as Chief Executive Officer as of today, but will continue to play an active role in the business as Chairman.  Dorian Gonsalves, currently Chief Operating Officer, will take over the role of Chief Executive Officer with immediate effect.

ACQUISITION

Background on Brook

Brook, which trades as Mortgage Advice Bureau, is an appointed representative of AIM-listed Mortgage Advice Bureau (Holdings) plc ("MAB"), one of the UK's leading networks for mortgage intermediaries, providing mortgage and related financial services to clients from leads generated through its relationships with MAB, independent estate agents and from its own client base.  Brook will continue its long-term relationship with MAB whilst leveraging its expertise to introduce new mortgage products and services to the Belvoir Group.  The company operates from offices in Barnsley with a team of 32 staff and advisers.  Michelle Brook, the founder and sole shareholder and director, has worked within the financial services sector for over 30 years, setting up Brook Financial Services Ltd in 2010.  Michelle will continue working full time as the Managing Director of Brook. 

The Board believes that the focused approach operated by Brook will enable the Group to achieve materially greater penetration of Belvoir's client base and increase the financial services fees generated on property sales across all Group networks.  As the Group's lettings-based networks Belvoir, Northwood and Goodchilds grow their property sales business, Brook will enable our brands to increase further their revenue from estate agency related services and mitigate some of the impact of the upcoming ban on tenant fees.  Additionally, Brook will be able to make immediate inroads into the Group's main estate agency network, Newton Fallowell, by increasing the available number of mortgage advisers to service their substantial house sales transactions.

Further details of the Acquisition

Belvoir is acquiring the entire issued share capital of Brook for a consideration of £2.0 million to be settled in £1.5 million cash and £0.5 million through the issue of 475,162 new ordinary shares of 1p each in the Company based on a price of 105.23p, being the average mid-market price over the 30 days prior to this acquisition.  The £1.5 million in cash will be paid using existing cash resources and debt facility.

Financial information on Brook

For the 12 month period ended 31 July 2016, based on unaudited management accounts, Brook generated revenue of £1.6 million and profit before tax of £0.4 million.  Net assets at that date of £0.2 million included a property valued at £0.2 million which was sold back to the vendor prior to the Acquisition.

Admission of Consideration Shares

An application has been made for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 19 July 2017.

Following Admission, the Company will have 34,938,606 ordinary shares in issue admitted to trading on AIM. This figure may be used by shareholders as the denominator by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

CURRENT TRADING

The Company has had an encouraging start to the year with trading currently in line with the Board's expectations. A further update will be provided at the time of Belvoir's Interim results due to be announced on 5 September 2017.

BOARD CHANGES

Having founded Belvoir in 1995 and floated the Group in 2012, Mike Goddard has decided to step back from his role as Chief Executive Officer but to continue to guide the Group as Chairman.  Following a process run by the Nominations Committee, Dorian Gonsalves, Chief Operating Officer, has been appointed Chief Executive Officer with immediate effect.

Mike Goddard will continue to provide strategic input and draw on his knowledge of and contacts within the sector to secure further expansion of the Group.

Mike Goddard, Chairman, Belvoir commented:

"We are delighted to be announcing the acquisition of Brook. Having focused on growth plans to create an enlarged group of franchise networks and offices over the past two years, the acquisition of Brook will enable both individual franchisees and the Group to benefit from greater penetration of its client base and the increased revenue arising from the sale of financial services associated with property sales across all group networks.

 Also, with effect from today, I have stepped down from my role as Chief Executive Officer but will continue as Chairman.  Having worked closely with Dorian Gonsalves as Chief Operating Officer for over 13 years, I have every confidence that he has the necessary experience and vision to take the Group into the next phase of its strategic growth across the UK.   I look forward to continue working with him in his new role."

Michelle Brook, MD, Brook commented:

"The acquisition today of Brook by Belvoir represents a significant milestone for the business and provides the opportunity to grow sales of financial service products within the Belvoir group.  Brook has a fantastic team of experienced advisers and a solid support structure operating within the Mortgage Advice Bureau network from which the Belvoir Group will benefit."

 

For further details:

 

Belvoir Lettings PLC

Mike Goddard, Chairman

Dorian Gonsalves, Chief Executive Officer
Louise George, Chief Financial Officer

 

 

01476 584900

[email protected]

 

Cantor Fitzgerald Europe

Rick Thompson, Phil Davies, Michael Reynolds

Corporate Finance

0207 894 7000

 



 

Buchanan

Charles Ryland, Victoria Hayns, Madeleine Seacombe

 

0207 466 5000

 

Note to Editors:

 

About Belvoir Lettings PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with over 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham, Lincolnshire, the Group manages 56,000 properties and reported revenue of £9.9m in 2016 making Belvoir the largest property franchise group in the UK.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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