Belvoir Lettings delighted with performance of Northwood subsidiary
Belvoir central office provides practical support and part funding for franchisee-led acquisitions, something that was not available to Northwood franchisees under previous ownership
Since June 2016, Northwood has been able to accelerate its growth under ownership by Belvoir
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.
"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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