Proactiveinvestors Australia Belvoir Lettings https://www.proactiveinvestors.com.au Proactiveinvestors Australia Belvoir Lettings RSS feed en Tue, 18 Jun 2019 11:50:28 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Results of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190516102758_14076679/ Thu, 16 May 2019 19:27:58 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190516102758_14076679/ <![CDATA[RNS press release - AGM Trading Update and Board Changes ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190516070001_14075754/ Thu, 16 May 2019 16:00:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190516070001_14075754/ <![CDATA[RNS press release - Preliminary results ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190402070012_14024536/ Tue, 02 Apr 2019 17:00:12 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190402070012_14024536/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190225165957_13980995/ Tue, 26 Feb 2019 03:59:57 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190225165957_13980995/ <![CDATA[RNS press release - Pre-Close Trading Update & Notice of Results ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190131070012_13952762/ Thu, 31 Jan 2019 18:00:12 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190131070012_13952762/ <![CDATA[RNS press release - Assisted Acquisitions Update ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190110070003_13929596/ Thu, 10 Jan 2019 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20190110070003_13929596/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181218170033_13908573/ Wed, 19 Dec 2018 04:00:33 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181218170033_13908573/ <![CDATA[RNS press release - Director/PDMR Dealing ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181205113001_13892578/ Wed, 05 Dec 2018 22:30:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181205113001_13892578/ <![CDATA[RNS press release - Director/ PDMR Dealings ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181203070008_13888006/ Mon, 03 Dec 2018 18:00:08 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181203070008_13888006/ <![CDATA[RNS press release - Acquisition & Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181127070017_13881062/ Tue, 27 Nov 2018 18:00:17 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20181127070017_13881062/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180912175621_13788754/ Thu, 13 Sep 2018 02:56:21 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180912175621_13788754/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180911070018_13785568/ Tue, 11 Sep 2018 16:00:18 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180911070018_13785568/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130839_13761608/ Mon, 20 Aug 2018 22:08:39 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130839_13761608/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130621_13761602/ Mon, 20 Aug 2018 22:06:21 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130621_13761602/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130532_13761601/ Mon, 20 Aug 2018 22:05:32 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180820130532_13761601/ <![CDATA[RNS press release - Board Changes ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180625070010_13691221/ Mon, 25 Jun 2018 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180625070010_13691221/ <![CDATA[RNS press release - Results of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180529123004_13658261/ Tue, 29 May 2018 21:30:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180529123004_13658261/ <![CDATA[RNS press release - AGM Trading Update ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180529070012_13657030/ Tue, 29 May 2018 16:00:12 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180529070012_13657030/ <![CDATA[Media files - Belvoir Lettings says trading is going "pretty well" ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9391/belvoir-lettings-says-trading-is-going-pretty-well--9391.html Tue, 29 May 2018 15:46:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9391/belvoir-lettings-says-trading-is-going-pretty-well--9391.html <![CDATA[News - Belvoir Lettings says trading in first four months of current financial year has “continued well” ]]> https://www.proactiveinvestors.com.au/companies/news/197732/belvoir-lettings-says-trading-in-first-four-months-of-current-financial-year-has-continued-well-197732.html Belvoir Lettings PLC (LON:BLV) said that trading during the first four months of the current financial year has continued well and is in line with its expectations.

In a trading update ahead of its annual general meeting on Tuesday, the UK’s largest property franchise said revenue increased from its three key income streams of residential lettings, property sales and financial services.

WATCH: Belvoir Lettings says trading is going "pretty well"

Belvoir pointed out that its franchisees - across all three brands - completed on ten portfolio transactions in the period under its Assisted Acquisitions programme, adding £3.2mln network revenue, nearly 2,500 managed properties and £0.3mln per annum of recurring management service fees (MSF).

The firm said it is seeing an unprecedented number of smaller independent lettings agents choosing to withdraw from the sector in the face of increased legislation and the previously announced ban on tenant fees, now expected in the Spring of 2019. 

As a result, it added, there remains a strong pipeline of further opportunities to underpin the group’s growth target for 2018.

Belvoir also said that Brook Financial Services, which it acquired in 2017, outperformed by over 20% the same period last year - when not part of the group - as its offering of financial services was rolled out across its networks. 

Dorian Gonsalves, Belvoir Letting’s CEO, commented: “The Group has seen a healthy start to 2018 including increased MSF from property sales despite a widely reported background of softening house transactions.” 

He added: “A further ten of our franchise owners have substantially grown their businesses by acquiring a local competitor and we are seeing our lettings-biased Belvoir and Northwood franchisees extending their services to encompass property sales and related financial services.” 

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Mon, 28 May 2018 07:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197732/belvoir-lettings-says-trading-in-first-four-months-of-current-financial-year-has-continued-well-197732.html
<![CDATA[News - Belvoir Lettings aims to take advantage of property market disruption ]]> https://www.proactiveinvestors.com.au/companies/news/194751/belvoir-lettings-aims-to-take-advantage-of-property-market-disruption-194751.html Belvoir Lettings PLC (LON:BLV) has navigated its way through the current malaise affecting the property sector with some dexterity.

The AIM-listed business is the UK’s largest franchised property agent and this structure has been a substantial help, believes Dorian Gonsalves, chief executive.

WATCH: Belvoir Lettings in good shape as profits hit another record

“It’s their life in many cases,” he told Proactive when talking about the franchisees, so when problems arise, their attitude is how can we fix it.

Belvoir’s recent annual results demonstrated the resilience of its model, which now runs to 300 offices and four networks.

Other estate agents, notably Countrywide and Foxtons, have struggled with weak house sales and inroads into the market by online agents such as Purplebricks.

Belvoir though saw franchise fees rise by 23% to £7.9mln, and underlying profits climb by 39% to £4.9mln.

Some 17% of the fees rise related to a full year inclusion of Northwood. 

Organic growth and the acquisition of 23 new outlets by its networks helped sales rise by 14% to £11.3mln in the year to December.

21st year of profit growth

It was the 21st consecutive year of profit growth for the company, with the final divided also increased.

Some 80% of Belvoir’s revenue comes from letting, which insulates it to a large degree from the ‘disruptors’.

Adding new outlets also has a big impact on a largely fixed cost base.

This year, 2018, eight franchisees have been added to the networks already, bringing in an extra £2.4mln of gross revenue.

Even so, Belvoir is not independent of industry trends and Gonsalves said there were signs rents are slowing while some voids are taking longer to fill.

Property shortfall

But he added there remains a shortfall of properties to buy and its franchisees are well-positioned to take advantage from any further shake-out in the market.

That is very possible. There are 10,000 independent property agents and challenges such as the imminent ban on tenant fees will hit some of these hard.

Around 75 of Belvoir’s franchisees currently are actively looking to acquire, through the company’s assisted-acquisition programme, says Gonsalves.

Under this scheme, Belvoir helps franchisees that want to expand by plugging any equity gap or shortfall (up to 30%) in their funding for a deal.

It’s a win-win for the franchisee and Belvoir, according to Gonsalves.

A typical franchise employs 4-5 people and looks after 250 properties but if a franchisee can acquire a similar business within its own area, it can just tack on the revenue without the cost, sending profits climbing.

Belvoir meanwhile gets a boost from higher management services fees (MSF) from its franchisee and interest on its loan.

Aim-listed dividend payer

Mortgage broking firm Brooks meanwhile was acquired to offer financial services to buyers, sellers, tenants and landlords who want it, while the policy of helping landlords sell properties has also been expanded to boost client retention.

The increased final payment of 3.5p (2016:3.4p) brought the total dividend for the year of 6.9p (2016: 6.8p), which at the current share price of 105p, gives a yield of 6.6%.

"Looking to 2018, the board remains confident that the Belvoir Group will benefit from further consolidation within the sector, further integration of our recent acquisitions to deliver additional efficiencies and diversification of property-related services offered through our franchised networks, to ensure a continued increase in shareholder value," said the annual statement.

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Wed, 11 Apr 2018 12:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194751/belvoir-lettings-aims-to-take-advantage-of-property-market-disruption-194751.html
<![CDATA[RNS press release - Preliminary results for the year ended 31 Dec 2017 ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180410070005_13597800/ Tue, 10 Apr 2018 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180410070005_13597800/ <![CDATA[Media files - Belvoir Lettings in good shape as profits hit another record ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9026/belvoir-lettings-in-good-shape-as-profits-hit-another-record-9026.html Tue, 10 Apr 2018 08:37:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9026/belvoir-lettings-in-good-shape-as-profits-hit-another-record-9026.html <![CDATA[News - Belvoir Lettings shrugs off housing uncertainty and lifts profits ]]> https://www.proactiveinvestors.com.au/companies/news/194591/belvoir-lettings-shrugs-off-housing-uncertainty-and-lifts-profits-194591.html Belvoir Lettings PLC (LON:BLV) posted record profits and healthy revenue growth in 2017 as it shrugged off the effects of a sluggish housing market.

Other estate agents, notably Countrywide and Foxtons, have struggled with weak house sales and inroads into the market by online agents such as Purplebricks.

Watch: Belvoir Lettings in good shape as profits hit another record

Belvoir, the UK’s largest franchised property agent, said organic growth and the acquisition of 23 (nine) new outlets by its networks helped sales rise by 14% to £11.3mln in the year to December.

Franchise fees due to Belvoir rose by 23%, with underlying profits climbing by 39% to £4.9mln.

Dorian Gonsalves, chief executive, said it was the 21st consecutive year of profit growth for the company.

Some 80% of Belvoir’s revenue comes from letting and Gonsalves said its franchisees are ‘incredibly motivated’ to grow their businesses

This year, 2018, had started well with eight franchisees having added to their networks already, bringing in an extra of £2.4mln of revenue.

Mainstream estate agency Newton Fallowell is also seeing higher sales and a better pipeline than a year ago.

Gonsalves expects some slowing of the lettings market over the year but said there remains a shortfall of properties to buy and its franchisees are well-positioned to take advantage from any further shake-out in the market.

The final dividend increases to 3.5p (2016:3.4p) giving a total dividend for the year of 6.9p (2016: 6.8p).

 

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Tue, 10 Apr 2018 07:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194591/belvoir-lettings-shrugs-off-housing-uncertainty-and-lifts-profits-194591.html
<![CDATA[RNS press release - Board changes ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180326070005_13580285/ Mon, 26 Mar 2018 17:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180326070005_13580285/ <![CDATA[RNS press release - Further Expansion ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180301070003_13550069/ Thu, 01 Mar 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180301070003_13550069/ <![CDATA[News - Belvoir Lettings expands portfolio with 624 new properties to boost its network income ]]> https://www.proactiveinvestors.com.au/companies/news/192403/belvoir-lettings-expands-portfolio-with-624-new-properties-to-boost-its-network-income-192403.html Belvoir Lettings PLC (LON:BLV) has acquired an additional 624 managed properties that it estimates will increase its network income by almost £1mln per annum.

The AIM-listed property franchise group said the acquired properties, located within Welwyn Garden City and St Albans, will increase group management service Fees (MSF), Belvoir’s main revenue stream, by £400,000 in the first six years of ownership.

WATCH: Belvoir Lettings gearing up for further opportunities for consolidation

The groups said the purchase was funded entirely by its Hitchin and Welwyn Garden City franchisee, through their own personal finances and will add the territory of St Albans to their portfolio.

The company added that three other franchises in Derby West, Hendon and Corby have recently acquired a local lettings portfolio, which it said would collectively add £1mln of network revenue and £122,000 of MSF per annum, against which Belvoir provided £193,000 of financial support.

Dorian Gonsalves, Belvoir's chief executive, commented: "In the recent trading update, we reported that we had doubled the number of transactions under our Assisted Acquisitions programme in 2017 and promised that there was a strong pipeline expected to complete in the first quarter of 2018. 

“We have already delivered on that promise within just two months with these four transactions equating to 75% of the total value of 2017 franchisee acquisition transactions, adding around 1,335 managed properties to the Belvoir network.”

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Thu, 01 Mar 2018 07:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192403/belvoir-lettings-expands-portfolio-with-624-new-properties-to-boost-its-network-income-192403.html
<![CDATA[RNS press release - Notification of Transactions of PDMR ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180208070005_13525651/ Thu, 08 Feb 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180208070005_13525651/ <![CDATA[Media files - Belvoir Lettings gearing up for further opportunities for consolidation ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8720/belvoir-lettings-gearing-up-for-further-opportunities-for-consolidation-8720.html Thu, 08 Feb 2018 12:58:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8720/belvoir-lettings-gearing-up-for-further-opportunities-for-consolidation-8720.html <![CDATA[RNS press release - Pre-Close Trading Update & Notice of Results ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180207070002_13524000/ Wed, 07 Feb 2018 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180207070002_13524000/ <![CDATA[News - Belvoir Lettings "excited by the continued opportunities for consolidation within the sector" ]]> https://www.proactiveinvestors.com.au/companies/news/191274/belvoir-lettings-excited-by-the-continued-opportunities-for-consolidation-within-the-sector--191274.html Belvoir Lettings PLC (LON:BLV), the UK's largest property franchise, traded in line with expectations in 2017.

The full-year results will be released on April 10 but in a pre-close trading update, the group revealed it performed well throughout the year reflecting the continued underlying organic growth in franchise management service fee income, a record number of portfolio acquisitions at a franchisee level and the integration of recent acquisitions.

READ: Belvoir franchisees beat 2017 target for portfolio acquisitions

Management service fees increased by 22% year-on-year, while group revenue rose 13% to £11.1mln from £9.9mln in 2016, helped by a full-year contribution from Northwood and the mid-year acquisition of Brook.

The group ended the year with a positive bank balance of £1.3mln, down from £1.5mln a year earlier, after shelling out £1.5mln in cash to acquire Brook.

There is a strong pipeline of portfolio acquisition opportunities, many of which are expected to complete in the first quarter, Belvoir said.

WATCH: Belvoir gearing up for further opportunities for consolidation

"In 2017 Belvoir successfully supported franchise growth across all our brands through our Assisted Acquisitions programme and by promoting additional revenue streams such as property sales and property related financial services,” said Dorian Gonsalves, the chief executive officer of Belvoir.

“The board is excited by the continued opportunities for consolidation within the sector with the Belvoir Group well placed to take advantage at both a local and national level. We anticipate that smaller independent agents will continue to look to exit following increased regulation and the prospect of the ban on tenant fees in 2019, and our acquisitions team is working closely with our entrepreneurial franchisees who are keen to invest to grow their business," he added.

 

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Wed, 07 Feb 2018 07:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191274/belvoir-lettings-excited-by-the-continued-opportunities-for-consolidation-within-the-sector--191274.html
<![CDATA[RNS press release - Assisted Acquisitions Update ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180103070002_13483053/ Wed, 03 Jan 2018 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20180103070002_13483053/ <![CDATA[News - Belvoir franchisees beat 2017 target for portfolio acquisitions ]]> https://www.proactiveinvestors.com.au/companies/news/189439/belvoir-franchisees-beat-2017-target-for-portfolio-acquisitions-189439.html Belvoir Lettings PLC (LON:BLV), the UK’s largest property franchise, has told investors it exceeded its target for portfolio acquisitions by its franchisees last year.

During 2017 franchisees completed 23 acquisitions, increasing annualised network revenues by over £3.3mln, 10% ahead of the £3mln target set by the board.

58,000 managed properties

The acquisitions have added an ongoing £350,000 per annum of recurring management service fees (MSF) which is the main revenue stream for the group.

They also added 2,264 managed properties to the group’s portfolio, which now stands at more than 58,000, a year-on-year increase of 4%.

Of the 23 acquisitions completed last year, 14 were from the Northwood network, one from Newton Fallowell and the remaining eight from Belvoir.

READ: Belvoir Lettings says Brook Financial Services' net written business up 57% in two months since purchase

As part of the Assisted Acquisitions programme, Belvoir loans the franchisees some of the cash required to make the purchases.

It contributed £351,000 in 2017 to support the acquisitions. That’s around 10% of the total consideration, and while the group is happy to loan up to 30% of the deal value, most franchisees use their own cash reserves or source loans from other providers.

More deals on the way, says CEO

“The Assisted Acquisitions programme has proved to be very popular within the recently acquired Newton Fallowell and Northwood networks,” said chief executive Dorian Gonsalves.

“In addition to exceeding our target completions for 2017, we ended the year with a very robust pipeline of deals currently with lawyers which we would expect to complete in the first quarter of 2018.

“The appetite for securing portfolio acquisitions reflects the entrepreneurial spirit of our franchisees who are adapting to changes within the sector and seeing opportunity for growth as the sector consolidates.”

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Wed, 03 Jan 2018 07:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189439/belvoir-franchisees-beat-2017-target-for-portfolio-acquisitions-189439.html
<![CDATA[RNS press release - Update on the Brook acquisition ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171212070002_13461535/ Tue, 12 Dec 2017 18:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171212070002_13461535/ <![CDATA[News - Belvoir Lettings says Brook Financial Services' net written business up 57% in two months since purchase ]]> https://www.proactiveinvestors.com.au/companies/news/188603/belvoir-lettings-says-brook-financial-services-net-written-business-up-57-in-two-months-since-purchase-188603.html Belvoir Lettings PLC (LON:BLV) said Brook Financial Services has reported £570,000 of net written business in the two months since its acquisition, which is up 57% on October and November 2016.

In a statement, Belvoir - the UK's largest property franchise group – said Brook’s net written business is also running at over 40% ahead of the average business achieved in the first seven months of 2017, prior to being acquired by the group.

READ: Lettings agent Belvoir slates Hammond for lack of Budget help for landlords

Brook was acquired by the group in July 2017 for a total consideration of £2.0mln with a view to achieving “materially greater penetration of Belvoir’s client base and increasing the financial services fees generated on property sales across all of Belvoir’s multi-brand networks. “

The firm said Brook currently has three new mortgage advisers in training and is actively recruiting further advisers to provide additional capacity. 

It added that, to date, the focus has been on the group’s predominantly estate agency network, Newton Fallowell, with Brook now working with 17 offices within that network where previously no financial services had been offered. 

Of the 39 Newton Fallowell offices, including 8 which had existing arrangements, 66% now offer financial services and other mortgage related products. 

In addition, Brook has continued to grow its portfolio of independent estate agents which act as introducers to it.

Increased revenue in line with acquisition projections

Belvoir said Increased revenue resulting from a greater number of policies being written and a higher case value is being reported in line with the group’s projections as at acquisition.

Dorian Gonsalves, Belvoir’s CEO, commented: “The roll out to the Newton Fallowell offices is underway and from January 2018, Brook will start to work with some of the more sales-focused Belvoir and Northwood offices.  This is a key strategy for growth for both our franchisees and the Group.”

He added: “The recent significant growth, against the background of falling mortgage approvals as the housing market is perceived to be cooling overall, is evidence of Brook’s ability to outperform the market.”

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Tue, 12 Dec 2017 07:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188603/belvoir-lettings-says-brook-financial-services-net-written-business-up-57-in-two-months-since-purchase-188603.html
<![CDATA[News - Lettings agent Belvoir slates Hammond for lack of Budget help for landlords ]]> https://www.proactiveinvestors.com.au/companies/news/187709/lettings-agent-belvoir-slates-hammond-for-lack-of-budget-help-for-landlords-187709.html Thu, 23 Nov 2017 11:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187709/lettings-agent-belvoir-slates-hammond-for-lack-of-budget-help-for-landlords-187709.html <![CDATA[RNS press release - Withdrawal of Possible Merger Offer ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171116090002_13433852/ Thu, 16 Nov 2017 20:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171116090002_13433852/ <![CDATA[News - Belvoir Lettings withdraws possible merger offer for The Property Franchise Group ]]> https://www.proactiveinvestors.com.au/companies/news/187360/belvoir-lettings-withdraws-possible-merger-offer-for-the-property-franchise-group-187360.html Belvoir Lettings PLC (LON:BLV) said it will not proceed with a merger offer for The Property Franchise Group PLC (LON:TPFG).

The company had announced a possible bid on Tuesday and a number of common institutional shareholders had publicly stated their support for talks.

READ: Funds want The Property Franchise Group to talk to Belvoir Lettings over possible merger

Fund managers Amati Global Investors, Livingbridge and Hargreave Hale, which speak for owners of 12.31% of TPFG, said they supported in principle the two firms engaging in discussions around the possible merger offer.

READ: Belvoir Lettings delighted with performance of Northwood subsidiary

But TPFG directors and their connected persons, which own 49.3% stake in the group, have turned down the opportunity to engage in discussions.  

Belvoir said it was “disappointed” the board of TPFG has declined to enter into talks, especially considering they had “recognised the scale that would be achieved” in combining the two businesses.

The company is no longer able to progress its possible merger offer after TPFG directors failed to engage in talks before the deadline of 5pm on Thursday under takeover and merger rules. 

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Thu, 16 Nov 2017 09:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187360/belvoir-lettings-withdraws-possible-merger-offer-for-the-property-franchise-group-187360.html
<![CDATA[RNS press release - Further update re Possible Merger Offer ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171114080001_13430586/ Tue, 14 Nov 2017 19:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171114080001_13430586/ <![CDATA[News - Funds want The Property Franchise Group to talk to Belvoir Lettings over possible merger ]]> https://www.proactiveinvestors.com.au/companies/news/187219/funds-want-the-property-franchise-group-to-talk-to-belvoir-lettings-over-possible-merger-187219.html Belvoir Lettings PLC (LON:BLV) has received a boost for its offer to merge with The Property Franchise Group (LON:TPFG) with three fund managers suggesting talks.

Amati Global Investors, Livingbridge and Hargreave Hale, which speak for owners of 12.31% of TPFG, said they support in principle the two firms engaging in discussions around the possible merger offer.

READ: Belvoir Lettings delighted with performance of Northwood subsidiary

Lettings agent Belvoir made a cash and share approach to TPFG in October worth 130.5p per share or £33.7mln in total.

TPFG’s board rejected the offer and has refused even to talk about a deal.

In its latest statement at the start of the month, Belvoir said it was disappointed with the stance of the TPFG board and urged the directors to consider the merits of a deal.

The combination would create a UK property franchise group with some 683 outlets and 108,000 tenanted managed properties and cement a more robust market position for the enlarged group.

Belvoir needs board support as the TPFG’s directors speak for 49.3% of the shares.

READ: Belvoir Lettings confident it can buck the property trend

In their response, they indicated the current terms will see too much of the enlarged company ceded to Belvoir and load it with too much debt.

Belvoir has indicated it can adjust the equity element of the deal to increase the TPFG element, while it has set up a new revolving credit facility.

Shares in Belvoir rose 2% to 105.3p, while TPFG was little changed at 137p.

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Tue, 14 Nov 2017 09:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187219/funds-want-the-property-franchise-group-to-talk-to-belvoir-lettings-over-possible-merger-187219.html
<![CDATA[RNS press release - Further Growth from Northwood Subsidiary ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171108070004_13423865/ Wed, 08 Nov 2017 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171108070004_13423865/ <![CDATA[Media files - Belvoir Lettings hails performance of its Northwood franchise network ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8340/belvoir-lettings-hails-performance-of-its-northwood-franchise-network-8340.html Wed, 08 Nov 2017 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8340/belvoir-lettings-hails-performance-of-its-northwood-franchise-network-8340.html <![CDATA[News - Belvoir Lettings delighted with performance of Northwood subsidiary ]]> https://www.proactiveinvestors.com.au/companies/news/186924/belvoir-lettings-delighted-with-performance-of-northwood-subsidiary-186924.html Belvoir Lettings PLC (LON:BLV), the UK's largest property franchise, said its Northwood franchise network has completed five portfolio acquisitions in the past two months.

The acquisitions bring the total number made by Northwood this year to 10, and means the wholly-owned subsidiary has added around 1,000 new properties under management in 2017, generating around £140,000 extra a year in management service fees.

READ: Belvoir Lettings confident it can buck the property trend

"Our confidence in Northwood, its senior management team and its franchise network to deliver strong growth as part of the Belvoir Group has been more than justified,” said Dorian Gonsalves, chief executive officer of Belvoir. 

“With the reduced cost base following restructuring of certain functions announced earlier this year and given the robust growth arising from these ten franchise led acquisitions, the board is delighted with the performance of Northwood,” he added.

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Wed, 08 Nov 2017 07:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186924/belvoir-lettings-delighted-with-performance-of-northwood-subsidiary-186924.html
<![CDATA[RNS press release - Belvoir wins Franchise of the Year Gold Award ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171106070005_13420807/ Mon, 06 Nov 2017 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171106070005_13420807/ <![CDATA[News - Belvoir Lettings nabs Franchise/ Network of the Year at the Negotiator Awards ]]> https://www.proactiveinvestors.com.au/companies/news/186774/belvoir-lettings-nabs-franchise-network-of-the-year-at-the-negotiator-awards-186774.html Belvoir Lettings PLC (LON:BLV), the UK's largest property franchise, was crowned Franchise/ Network of the Year at the Negotiator Awards 2017.

Established in 2008, The Negotiator Awards are judged by leaders and experts in the residential property industry, with the panel comprising individuals in property journalism, communications, surveying, and leading property industry senior management.

Those judges said of Belvoir: "Largest doesn't always mean best, but this business supports its franchisees, developing offices and people, and building business so that they all reap the benefits."

 

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Mon, 06 Nov 2017 07:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186774/belvoir-lettings-nabs-franchise-network-of-the-year-at-the-negotiator-awards-186774.html
<![CDATA[RNS press release - Andrew Goodson - Form 8.3 - Belvoir Lettings plc ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171101080001_13416163/ Wed, 01 Nov 2017 19:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171101080001_13416163/ <![CDATA[RNS press release - Further to Possible Merger Offer ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171101070004_13415735/ Wed, 01 Nov 2017 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/LSE20171101070004_13415735/ <![CDATA[RNS press release - Killik & Co. LLP - Form 8.3 - Belvoir Lettings Plc ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710310823PR_NEWS_UKDISCLO_0076/ Tue, 31 Oct 2017 23:23:00 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710310823PR_NEWS_UKDISCLO_0076/ <![CDATA[RNS press release - LIVINGBRIDGE VC LLP - Form 8.3 - Belvoir Lettings plc ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710241011PR_NEWS_UKDISCLO_0094/ Wed, 25 Oct 2017 01:11:00 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710241011PR_NEWS_UKDISCLO_0094/ <![CDATA[RNS press release - Miton Group Plc - Form 8.3 - Belvoir Lettings Plc ]]> https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710230524PR_NEWS_UKDISCLO_0041/ Mon, 23 Oct 2017 20:24:00 +1100 https://www.proactiveinvestors.com.au/companies/rns/4020/PRNRNS_201710230524PR_NEWS_UKDISCLO_0041/