Belvoir builds on its strengths with property group acquisition

Belvoir has bought a Leicestershire-based chain of estate and lettings agencies in a £4m deal.

Nicholas Humphreys specialises in student lettings and has a portfolio of 6,500 managed units.

It has 21 offices in its national network, mainly in university towns. Three are owned by the company, which are all in the East Midlands, and 18 are franchise operations.

Dorian Gonsalves, chief executive of Belvoir, one of the UK’s largest property franchise groups, said: “The acquisition of Nicholas Humphreys demonstrates again that Belvoir is delivering on its strategic objective of investing in successful franchise businesses that are aligned with our multi-brand franchise model, where there is scope for further growth as part of the group.

“With its bias towards lettings, the Nicholas Humphreys business is underpinned by a strong recurring revenue stream, whilst offering the opportunity to roll out Belvoir’s existing expertise in sales and financial services across the network.”

Nicholas Humphreys generates annual revenues of £2.8m, which is split 87% lettings and 13% sales.

During the first quarter of 2021, the White Kite Group was restructured to remove the Nicholas Humphreys Loughborough business, this being the original office, which Nick Humphreys intends to continue operating.

Belvoir has acquired White Kite Holdings 2021 and its two subsidiaries, White Kite and Nicholas Humphreys Franchise.

The property group will now have a network of 439 businesses across six brands with a combined portfolio of more than 70,000 managed properties.

Nick Humphreys, Managing Director, added: “I have known for some time that Belvoir would be the right home for the Nicholas Humphreys network.

“Belvoir has the experience of both lettings and franchising to provide the necessary professional support to our franchisees and I look forward to seeing the network flourish as part of the Belvoir Group.”