Belvoir Lettings hits £10m turnover mark

Belvoir Lettings, the Grantham-headquartered property franchise, has broken through the £10m turnover mark for the first time.

Belvoir said this morning (January 23) that revenue to the year ending December 31, 2016 was up 44% to £10m.

The firm has also brushed aside the proposed ban on tenant letting fees saying that any impact on profits will be offset through portfolio acquisitions. Belvoir said any ban (which is due to come into effect next year) will now only have an 8% hit on company revenues.

Mike Goddard, chairman and CEO of Belvoir said: “2016 has been another significant year for the Belvoir Group. Our acquisition of Northwood in June has enabled us to grow our lettings portfolio substantially to some 54,000 managed properties and thus become the largest property franchising group in the UK. This, combined with a full year of trading for our other two recently acquired brands, Newton Fallowell and Goodchilds, and continuing organic and local acquisition growth, has resulted in us growing our underlying Management Service Fee by more than 100% in two years.

“We see many more opportunities for consolidation and the Belvoir Group is in prime position at both local and national level to take advantage, despite the challenging times for the industry. In addition, we believe that our clear focus on outstanding customer experiences combined with our exemplary professional service will enable us to adapt to, and succeed in, the changing face of the industry. We look forward to 2017 with confidence and excitement.”