Shipley agency gets swallowed up by Belvoir
WEST YORKSHIRE agency Lettings @ Victoria Mills is to become part of national franchise Belvoir Lettings.
The acquisition, announced this morning, will see the Shipley-based agency adds its 154 managed properties to Belvoir’s portfolio, and will more than double the size of the Belvoir Leeds North West franchise.
Belvoir is on the acquisition trail, with this deal being its sixth purchase of the year.
Mike Goddard, chairman and chief executive of Belvoir, said: “This is another example of our franchisees establishing the Belvoir brand nationally. We are delighted to be able to support the expansion of this business through the group’s acquisitions funding programme.”
“Throughout 2014 Belvoir has extended over £2m worth of loans to support six acquisitions by the network as we continue to pursue further growth opportunities across the UK.”
This deal was supported by a £66,000 loan from Belvoir to its franchisee, with the greater proportion of the acquisition price being financed by new bank facilities. The company expects the acquisition will be earnings enhancing in its first full year of ownership.
