TIDMBLV
RNS Number : 8490V
Belvoir Lettings PLC
08 November 2017
For immediate release 8 November 2017
BELVOIR!
BELVOIR LETTINGS PLC
(the 'Group' or 'Belvoir')
Further Growth from Northwood Subsidiary
Franchisee Led Acquisitions
Belvoir lettings plc (AIM:BLV), the UK's largest property
franchise, is pleased to provide the following update on the good
progress being achieved at Northwood, one of the Group's wholly
owned subsidiaries, whose franchise network has completed on five
portfolio acquisitions in the past two months.
At the end of August, Belvoir reported that as part of the
Belvoir Group, Northwood franchisees had benefitted from Belvoir's
Assisted Acquisitions programme with five franchisees having
successfully completed on portfolio acquisitions. Since then, and
with almost 50% of the Northwood 87 strong office network having
registered on the programme, a further five acquisitions have been
completed bringing the total for the year to date to ten. This
Group-wide service involves Belvoir Central Office providing
practical support and part funding for franchisee led acquisitions,
something that was not available to Northwood franchisees under
previous ownership and is a key contributor to the Group's growth
strategy.
Together, these ten acquisitions have added around 1,000 new
properties under management to the Group and will generate an
additional GBP140,000 p.a. of Management Service Fees, the Group's
core revenue stream, for Belvoir.
Since June 2016, Northwood has been able to accelerate its
growth under ownership by Belvoir, driven by a combination of
franchisee portfolio acquisitions, organic growth and synergistic
benefits from merging some of the Northwood support functions into
Belvoir's extensive Central Office team.
Dorian Gonsalves, CEO of Belvoir, commented:
"Our confidence in Northwood, its senior management team and its
franchise network to deliver strong growth as part of the Belvoir
Group has been more than justified. With the reduced cost base
following restructuring of certain functions announced earlier this
year and given the robust growth arising from these ten franchise
led acquisitions, the Board is delighted with the performance of
Northwood. It is a huge credit to both teams within Northwood and
Belvoir who have made the assimilation of Northwood into the Group
such a success."
Enquiries:
Belvoir Lettings plc
Dorian Gonsalves, Chief
Executive Officer
Louise George, Chief Financial
Officer 01476 584 900
Cantor Fitzgerald Europe
Rick Thompson
Philip Davies
Will Goode 0207 894 7000
Buchanan
Charles Ryland
Vicky Hayns
Madeleine Seacombe
belvoir@buchanan.uk.com 0207 466 5000
About Belvoir Lettings PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir
operates a nationwide property franchise group with 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 over 57,000 properties and reported
revenue of GBP9.9m in 2016 making Belvoir the largest property
franchise group in the UK.
Belvoir's core revenue is derived from Management Service Fees
(MSF); a reliable recurring revenue model through which the Group
offers franchisees significant support and advice.
In 2015 Belvoir launched its multi-brand franchising strategy
and now owns Newton Fallowell Limited in the East Midlands,
Goodchilds Estate Agents and Lettings Limited in the West Midlands
and Northwood GB Limited, a nationwide network. In total, the Group
operates from 300 territories within the UK. In July 2017, the
Group acquired Brook Financial Services Ltd, a mortgage broker and
financial service provider.
The Company remains committed to diversifying its brand
portfolio, utilising the Group's strong franchising expertise and
infrastructure, in order to capitalise on a consolidating
market.
Important information
This announcement is not intended to, and does not, constitute,
represent or form part of any offer, invitation or solicitation of
an offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law or regulation and
therefore any person who comes into possession of this announcement
should inform themselves about, and comply with, such restrictions.
Any failure to comply with such restrictions may constitute a
violation of the securities laws or regulations of any such
relevant jurisdiction.
Cantor Fitzgerald Europe, which is authorised and regulated in
the United Kingdom by the FCA, is acting for the Company and for no
one else in connection with the matters referred to in this
announcement and will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Cantor
Fitzgerald Europe or for providing advice in relation to the
contents of this announcement, or any other matters referred to in
this announcement.
Forward-looking statements
This announcement may contain "forward-looking statements"
relating to the Belvoir Group and the business sector in which it
operates. Generally, the words "will", "may", "should", "continue",
"believes", "expects", "intends", "anticipates", "forecast", "plan"
and "project" or similar expressions identify forward-looking
statements. Such statements reflect Belvoir's current views with
respect to future events and are subject to risks, assumptions and
uncertainties that could cause the actual results to differ
materially from those expressed or implied in the forward-looking
statements. Many of these risks, assumptions and uncertainties
relate to factors that are beyond Belvoir's abilities to control or
estimate precisely, such as future market conditions, changes in
general economic and business conditions and the behaviour of other
market participants. Belvoir cannot give any assurance that the
forward-looking statements will prove to have been correct. The
reader should not, therefore, place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. Belvoir does not undertake any obligation to update
or revise publicly any of the forward-looking statements set out in
this announcement, whether as a result of new information, future
events or otherwise, except to the extent legally required.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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