Posted:20-July-2016
Belvoir expands acquisition programme
Following Belvoir’s acquisition of Northwood last month, the company has announced the partial funding of a further four franchisee-led acquisitions and the expansion of its acquisition programme to other brands within the group.
“I am delighted to confirm that franchise owners in Solihull, Rochester, Bournemouth and St Helens have all benefitted from Belvoir’s acquisition programme, enabling them to complete on the purchase of well-established independent estate agencies in their local areas,” says Belvoir Managing Director, Dorian Gonsalves.
“During the past year Belvoir has grown significantly through the corporate acquisition of Newton Fallowell, Goodchilds and Northwood. The Group now has 301 offices and is the largest property franchise in the UK.
“It has long been Belvoir’s policy to part fund franchisee-led acquisitions that will help franchise owners to grow their businesses and facilitate network growth. I am very pleased to confirm that we are now expanding our acquisition programme to other brands within the Group.
“This opportunity was not available to our recently acquired brands under their previous ownership, and is being well received and recognised as a significant benefit of being part of a larger franchised group.
“Belvoir has a dedicated in-house acquisition team, which is responsible for researching and expediting franchisee and corporate acquisitions. This is a service that I am now very proud to be able to offer to the entire network.”
The acquisition of Newstead Estate and Letting Agents Ltd by new franchise owner Luke Marchbank of Belvoir Bournemouth marked another significant development in Belvoir’s acquisition strategy.
“The acquisition of Newstead Estate and Letting Agents Ltd was the Group’s first ‘hot start’,” says Dorian. “This is the first time that Belvoir has assisted a brand new franchisee with an acquisition, as opposed to the franchisee opening and building a business from scratch. Where we can identify such opportunities for the right prospective new franchisee and the right deal, we will do so, as we are confident that it will give them a flying start.”
The purchase of Porterhouse Properties by Dave Roberts of Belvoir St. Helens and Belvoir Wigan was a strategic move designed to expand the sales service that he currently offers.
“We have been providing a sales service for 18 months, and the acquisition of Porterhouse Properties, which is a long-established family business, was a great opportunity to take on experienced staff and the necessary resources to take our business to the next level,” he says.
“I am very grateful to Belvoir for their help and support. This acquisition will enhance our reputation locally and enable us to hit the ground running in terms of building our portfolio.”
Spencer Branagh, owner of Belvoir Solihull, completed on the purchase of Steeles Estate Agency in Yardly, and in doing so fulfilled his ambition to fast track the growth of his business.
“I took over Belvoir Solihull in 2014 and we began offering a sales service in March,” says Spencer. “I quickly realized that the fastest way to achieve growth was through acquisition. Steeles has been established for over 25 years and has about 50 properties on the books that are already sold subject to contract, with many more in the pipeline, so this acquisition is very significant to us.
“The acquisition team at Belvoir was very helpful throughout the process and I am very grateful for their ongoing support.”
Peter Huane of Belvoir Rochester has completed on the purchase of Swale Property in Sheerness, Kent, an independent agency with over 20 years of experience in selling residential property.
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