Belvoir Lettings set to complete £22m deal
Belvoir Lettings, the Grantham-based estate agency, is set to buy Northwood GB, the Hampshire-based largest remaining independent UK lettings franchise, in a deal that could be worth up to £22m and will make Belvoir the largest property franchise group in the UK.
The deal will be funded in part through a placing of new Ordinary Shares in Belvoir at a placing price of 112 pence per Placing Share to raise up to £2.5m.
Belvoir will be the largest property franchise in the UK with more than 54,000 managed properties and a total of 301 outlets, and will add more than 17,000 managed properties and increase the Group’s national presence by 86 additional outlets.
Mike Goddard, executive chairman and CEO at Belvoir, said: “We are delighted to be announcing the acquisition of Northwood. This is an exciting milestone in our growth, considerably expanding the size of the Group to become the largest franchised property group in the UK and with a fantastic new brand to add to our portfolio.
“We look forward to developing Northwood further as part of the Belvoir Group as we continue to grow and also look for further acquisition opportunities.”
Gemma Goodson, CEO at Northwood added: “The acquisition today of Northwood by Belvoir marks the start of a new chapter in Northwood’s history and we are delighted to be joining one of the market’s leading property franchises. Belvoir is exactly the right fit for us; all of the staff are excited to be part of the Group’s ambitious growth plans and we look forward to our future as part of Belvoir.”
