Belvoir gets stronger foothold in Bury

A BURY estate and lettings agent has been taken over by Belvoir Lettings, which holds franchises across the UK, in a £250,000 deal.

Franchisees of the existing Belvoir offices in Oldham and Bury have completed the acquisition of Rayson Wilshaw.

Up to 50% of the fee will be paid in cash funded by Belvoir while the other half is to be paid as a deferred consideration over four years.

Belvoir says that having opened its office in January 2013, the franchise has gone from strength to strength, acquiring the Oldham office in January.

The new acquisition will more than double the size of the business, expanding its lettings portfolio to more than 1,000 properties and enabling it to gain a firm foothold in the estate agency market in Bury.

As a result of the acquisition the cCompany’s managed service fee revenue is projected to increase by £33,000 per annum and interest on the loan will be charged at 8.95%.

Belvoir chairman and chief executive Mike Goddard said: “This acquisition is just another example of our successful growth strategy taking effect.

“By constantly seeking out acquisition opportunities and supporting our strong franchisees, Belvoir is in a very positive position to continue to establish the brand and grow our network nationally.

“We greatly admire the enthusiasm and ambition of our franchise in Bury and Oldham and wish them every success.”