Belvoir Lettings PLC Successful Sale of Burton Corporate Owned Office
07 March 2017 - 6:02PM
RNS Non-Regulatory
TIDMBLV
Belvoir Lettings PLC
07 March 2017
For Immediate Release 7 March 2017
BELVOIR LETTINGS PLC
(the "Group" or "Belvoir")
Successful Sale of Burton Corporate Owned Office to a Belvoir
Franchisee
Belvoir Lettings plc (AIM: BLV), the UK's largest property
franchise, is pleased to announce the sale of its Burton corporate
owned office to an adjacent Belvoir franchisee which operates in
Hinkley, Nuneaton and Tamworth.
This sale is in line with Belvoir's strategy, as announced on 23
January 2017, of implementing a franchise solution for most of its
remaining six corporate-owned offices, to enable the Group to
further focus its resources on its franchise business. This
strategy is perceived by the Board as an opportunity to bring fresh
impetus to its corporate owned offices which once sold, will fall
within the remit of the Group's franchise support team and systems.
Out of a total network of 302 offices nationwide, Belvoir now has
only five corporate offices. The Group intends to retain the two
corporate Belvoir and Newton Fallowell offices in Grantham for
system development purposes and aims to complete a further disposal
next month.
The Group continues to focus on driving organic growth via
supporting franchisee-led acquisitions and increasing the footprint
of existing franchisees within their own territories. Hereford is
the most recent franchisee to have completed a further portfolio
acquisition. Significant internal resource is dedicated to
supporting the Group's franchisees via an in-house team,
responsible for researching and expediting franchisee
acquisitions.
Mike Goddard, Chairman and CEO of Belvoir commented:
"We are delighted that we are making progress on both our
strategy to support franchisee-led acquisitions and to divest the
Group of its corporately owned offices. Our franchisees have
fantastic local knowledge and the drive and determination to
succeed, and we are pleased to be transferring ownership of the
Belvoir Burton office to one of our ambitious franchisees. We are
passionate about franchising and are constantly looking for ways to
progress the business and continue to grow our franchised
network."
For further details:
Belvoir Lettings PLC 01476 584900
Mike Goddard, Executive Chairman and CEO investorrelations@belvoirlettings.com
Louise George, Chief Financial Officer
Cantor Fitzgerald Europe
Rick Thompson, Phil Davies, Will Goode, 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, Belvoir is the UK's largest property franchise
group, with 302 outlets nationwide. Since listing on AIM in
February 2012 (BLV.L), Belvoir has continued to diversify its core
business offer in lettings by broadening into property sales.
Operating from its Central Office in Grantham, Lincolnshire, the
Group now offers a range of specialist services in property rental,
property management, residential lettings, buy to let and property
sales.
Belvoir's core revenue is derived from Management Service Fees
(MSF); a reliable recurring revenue model which allows the Group to
offer franchisees significant support and advice.
In 2015 Belvoir launched its multi-brand franchising strategy;
acquiring Newton Fallowell Ltd, an East Midlands-based network of
30 outlets in July 2015 and Goodchilds Estate Agents and Lettings
Limited, a West Midlands-based network of 14 outlets in October
2015. In June 2016 Belvoir acquired Northwood, a network of 86
residential lettings and property sales agents operating across the
UK, making Belvoir the largest property franchise group in the
UK.
Belvoir continues to grow organically by delivering award
winning service, prioritising franchisee recruitment and supporting
franchisee acquisitions. In recognition, Belvoir was awarded the
"Best Lettings Agency Franchise Award" at the 2016 Agency of the
Year Awards for the sixth time since the awards started seven years
ago.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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