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Market: AIM:BLV
52-week High/Low: 115.00p / 87.75p
Sector: Real Estate
Market Cap: 36.16M
Belvoir Lettings (LON:BLV)

Belvoir Lettings

Belvoir Lettings PLC is the UK's largest property franchise. Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham, Lincolnshire, the...

Belvoir Lettings

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Big picture - Why invest in Belvoir Lettings

Belvoir Lettings Snapshot

Belvoir was founded in February 1995 as a specialist franchised lettings agent and within 22 years the Group has expanded to 300 outlets across four brands offering a highly professional service to landlords and tenants nationwide.

In that time the Belvoir network has grown to 171 outlets and in 2014 extended its property services to include property sales.

2015 saw the beginning of the Group’s multi-brand strategy with the acquisition of two franchised estate and lettings agency networks, Newton Fallowell in the East Midlands and Goodchilds in the West Midlands. This introduced a further 44 outlets to the Group and was an exciting milestone in Belvoir’s growth.

In 2016 the Group acquired Northwood, a lettings and sales agency network of 87 offices. This significantly increased the Group’s market share and geographic coverage making Belvoir the UK’s largest property franchise group on the high street.


Important Dates

Date Title
10 April 2018 Preliminary results
19 April 2018 Ex-dividend date
24 May 2018 Annual General Meeting
31 May 2018 Final dividend payment date (TBC)
04 September 2018 Interim results (TBC)
13 September 2018 Ex-dividend date (TBC)
26 October 2018 Interim dividend payment date (TBC)


Our franchise model is built on 22 years of experience, the entrepreneurial drive and local knowledge of our franchisees, and the support and guidance of our Central Office team.

Our difference

Service excellence
Our experience and focus on customer service have enabled us to stand out from the crowd and are key to the success of our Group.

Greater financial stability
The combination of a strong lettings base with the addition of property sales provides our franchisees and the Group as a whole with greater financial stability than many typical estate agencies.

The franchise network
Our franchisees benefit from the backup and support associated with a large franchise operation whilst operating their own business with the entrepreneurial drive of an owner-manager.

Our process

New franchisees pay an upfront fee to cover our training and mentoring programme. An ongoing monthly management service fee, based on franchise revenue, contributes towards Central Office operations and further investment in the business.

We work closely with potential new franchisees to ensure that they are a good fit for our business model of high quality service delivery and sound business ethics. This process minimises the risk to both the franchisor and the franchisees and ensures our high success rate.

Brand equity
Our brands are highly regarded and respected for their core values of professionalism and customer service. We invest continually in our brands to ensure that messaging remains fresh and relevant to our markets.

Each franchisee has a dedicated business mentor who helps them to develop their business. Advice and support is available from Central Office in specialist areas such as legal, IT, compliance and marketing.

We facilitate a culture where franchisees learn from each other and share experiences through both national and regional networking groups.

New franchisees undertake an intensive training course prior to opening. Continual professional training and development is conducted both at Central Office and via webinars.

Delivering value

We provide a proactive support system, bringing the best and most up-to-date tools, advice and services to our franchisees with group deals negotiated where possible.

We recognise the need for our Central Office operations to attract, train, reward and retain highly motivated staff to deliver a professional service to our franchised networks.

Our professional service goes above and beyond legal requirements. Our franchisees’ key role is to deliver exceptional customer service to their clients.

Our Board is committed to building a business capable of creating value for our shareholders based on sound business ethics.

Adjusted basic EPS increased to 7.7p (2015: 7.3p)

Michael Goddard

Mike founded Belvoir in 1995, having previously served in the Royal Air Force. He is a well respected figure in both the UK lettings market and franchising industry having been chairman of the British Franchising Association, a director of the National Approved Lettings Scheme and a director of The Property Ombudsman, and having served on the World Franchise Council. His key skills are team building and strategic business planning.

Member of the Remuneration Committee

Dorian Gonsalves
Chief Executive Officer

Dorian has extensive experience in the property industry having spent seven years with Countrywide before joining Belvoir in 2005 as Business Development Manager and being appointed Sales Director a year later. Currently Chief Operating Officer, Dorian’s key skills include people management and business development and he has a deep understanding of successful franchising. Dorian is also a director of The Property Ombudsman.

Louise George
Chief Financial Officer

Louise is a Chartered Accountant and Chartered Secretary, having qualified with Ernst & Young in 1991. She has over 14 years’ board-level experience with AIM-listed companies and has built up good relations with institutional investors. Louise has established a reliable finance function capable of supporting business growth and over the past two years has overseen three significant acquisitions for the Group. Louise also serves as Company Secretary to the Group.

Mark Newton
Executive Director

Mark, a Chartered Surveyor, has over 30 years’ experience of estate agency having joined Black Horse Agencies in 1984 and subsequently becoming managing director of Legal & General Estate Agents. In 1999 Mark established Newton Fallowell, which he built into a network of 30 franchised outlets before selling to Belvoir in July 2015. Mark is Managing Director of Newton Fallowell Limited with board-level responsibility for the management and growth of the Newton Fallowell and the Goodchilds networks.

Nicholas Leeming
Non-Executive Director

Nicholas, a Chartered Surveyor, was a partner in Humberts and a joint founder of Propertyfinder, the UK’s first national property portal, before becoming commercial director of Zoopla. Since 2012 Nicholas has built a portfolio of business interests involving key estate agency firms nationwide giving him a deep insight into the UK property industry.

Chairman of the Remuneration Committee
Member of the Audit Committee

Andrew Borkowski
Non-Executive Director

Andrew has over 25 years’ experience as a corporate lawyer having been a partner at Geldards LLP until 2015, leading its corporate and banking team. Andrew is now chief executive of a private family investment fund, Fullbrook Thorpe Investments LLP, a consultant to Geldards LLP and a non-executive director of a number of privately held concerns.

Member of the Remuneration Committee
Chairman of the Audit Committee


Registered address
The Old Courthouse
60a London Road
NG31 6HR

Phone number
01476 584900

Email address
[email protected]

Nominated advisor and broker
Cantor Fitzgerald Europe
One Churchill Place
Canary Wharf
E14 5RB

Independent auditor
Chartered Accountants and Statutory Auditor
Donington Court
Pegasus Business Park
Castle Donington
DE74 2UZ

Browne Jacobson
Mowbray House
Castle Meadow Road

Hamilton Pratt
Franchise House
3a Tournament Court
Tournament Fields
CV34 6LG

Registrar and transfer office
Computershare Investor Services PLC
The Pavilions
Bridgewater Road
BS99 6ZZ

Phone: 0870 707 1762

Financial public relations
Buchanan Communications Limited
107 Cheapside

IR contact details
Customer services
Email: [email protected]

Phone: 01476 584 900

Belvoir Lettings Timeline

June 25 2018
May 29 2018
March 26 2018
March 01 2018
January 03 2018
December 12 2017

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