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Belvoir Lettings expands portfolio with 624 new properties to boost its network income

The AIM-listed firm 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

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Belvoir added that three other franchises in Derby West, Hendon and Corby have recently acquired a local lettings portfolio

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.”

Quick facts: Belvoir Group PLC

Price: 113 GBX

AIM:BLV
Market: AIM
Market Cap: £39.48 m
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