Belvoir to float on AIM
LETTINGS agency Belvoir has announced its intention to float on the stock exchange.
The company said that it hoped to raise around £6m-£8m via a placing of new and existing shares on the Alternative Investment Market. Some £3m of this will be new money.
The company is a residential lettings specialist based in Grantham, Lincolnshire, with 142 franchised offices around the UK – six of which are in Yorkshire.
It said the UK lettings market is in a steady growth phase which is predicted to continue for years.
It also said it has developed a strong market presence and had consistently grown since its inception in 1995, earning network fees of £20m from its franchisees in 2010. It also said there was “considerable scope” to grow its network of outlets to more than 200 by 2016.
Chairman Mike Goddard said: “The UK lettings industry has displayed steady growth through a difficult economic time and Belvoir has been at the forefront of this growth. It is one of the UK’s largest lettings franchises and has remained consistently profitable over the last five years.
“We believe an AIM listing is the best means to continue building on this momentum by increasing public awareness of the Belvoir brand and recognition of the group.”
