Belvoir Group PLC (LON:BLV), the UK's largest property franchise, said it has successfully completed the 100th transaction under its Assisted Acquisitions programme, a core part of the group's growth strategy.
Since establishing the Assisted Acquisitions programme at the end of 2013, Belvoir noted that it has now supported 100 acquisitions by its franchisees, with a total deal value of £25mln, boosting franchisee network revenue by £24mln.
The 100th transaction was undertaken by the new Northwood Wolverhampton franchisee, Mahomed Imtayas, who has acquired Millenium Properties (Letting Agents) Limited which had a portfolio of 250 managed properties. Mahomed joined the Northwood network in September having previously operated and sold a successful franchise business.
Franchisees across all of the group's networks have embraced the strategy, seeing the acquisition of a local business as a means of significant growth with many of them doubling the size of their business overnight, it added.
Belvoir operates a team of three staff providing research to identify acquisition targets, commercial support to secure the best deal and assistance in obtaining the necessary funding. The group will also lend the franchisee up to 30% of the consideration, if required, and currently has a franchisee loan book totalling £2.8mln.
In a statement, Dorian Gonsalves, CEO of Belvoir, commented: "The Assisted Acquisitions programme, now in its seventh year, has gone from strength to strength. Since 2014 we have provided both commercial and financial support in relation to 100 deals with some of our ambitious franchisees having undertaken more than one acquisition to grow their business.
"The strategy is a win-win for both the franchisee and the franchisor, having been a significant contributing factor in the 80% increase in average revenue of our franchisees up from £150,000 in 2013 to £270,000 in 2019."
He added: "I am delighted to welcome Mahomed to the Belvoir Group and wish him every success in his new business venture. Having been speaking to Mahomed for a couple of years, we were pleased to be able to find a suitable acquisition to help him get started as a new Northwood franchisee. I am sure that his previous experience of franchising will be invaluable to him.
"Our franchisees are professionally and financially equipped to take advantage of a consolidating sector and Belvoir is committed to supporting our franchisees' entrepreneurial growth ambitions, to the benefit of our franchisees, the Group and our shareholders alike."