Profits soar at ‘incredibly motivated’ lettings firm

Profits at Grantham-based Belvoir Lettings for 2017 have been boosted by a series of acquisitions, the firm announced this morning.

The property group posted revenues of £11.3m (up from £9.9m in 2016), while profit before tax rose sharply by 62% to £3.9m on the back of swoops for Northwood and Brook Financial Services.

Dorian Gonsalves, chief executive officer of Belvoir Lettings, said: “We are pleased to report another year of strong growth for the Group, in terms of both revenues and profitability.

“Our franchisees, who are mostly owner-operators, have continued to grow organically, through diversification and by making local portfolio acquisitions, all of which have contributed to our adjusted profit in 2017 being up 39%. Our franchisees are incredibly motivated to find ways to grow and develop their business and this dynamism, combined with local property expertise, underpins our continued successful growth.

“Looking to 2018, the Board remains confident that the Belvoir Group will benefit from further consolidation within the sector, further integration of our recent acquisitions to deliver additional efficiencies and diversification of property-related services offered through our franchised networks, to ensure a continued increase in shareholder value.”