Acquisition of Lettings Agency in Edinburgh

RNS Number : 8195T

Belvoir Lettings PLC

09 October 2014

 



For Immediate release                                                                                                 09 October 2014

BELVOIR LETTINGS PLC

(the "Company" or "Belvoir")

Acquisition of Lettings Agency in Edinburgh

Belvoir Lettings PLC (AIM:BLV), one of the UK's largest lettings franchises, is pleased to announce that in line with its stated strategy of expanding its national coverage, Belvoir has agreed to support the acquisition of Ryden Lettings, a specialist lettings agency in Edinburgh.

Ryden Lettings is one of Scotland's most experienced property managers and lettings agencies and has been in operation for 25 years. The acquisition is being made by a new joint venture, Dun Eideann Property Limited, which has been established by two long-standing Belvoir franchisees based in Falkirk and Belfast.

Of the consideration of £1.4m, Belvoir has assisted in the acquisition through a loan of £600,000, as part of Belvoir's ongoing commitment to support franchise holders to expand their operations.

Belvoir will benefit from an increase in its management service fee revenue as a result of the acquisition, estimated at £120,000 per year and the acquisition will be earnings enhancing in its first full year of ownership.

Ryden Lettings was formed in 1989 by Brian Adair from the Residential Letting Department of Ryden, the well-known Scottish Chartered Surveying firm, of which he was Senior Partner.  The firm has grown to be one of the largest and most professional letting agents in Edinburgh and currently has nearly 800 properties under management across the city.  Mr Adair, who was Scottish Chairman of the Association of Residential Letting Agents (ARLA) for fourteen years, has agreed to continue as a Non-Executive Director to Dun Eideann Property Ltd for a period of three years. Belvoir is confident that given his support there will be a smooth transition to the Belvoir brand.

Mike Goddard, Chairman and CEO of Belvoir commented:

"I am delighted to announce this joint acquisition by two of our most successful franchisees working in partnership. Ryden Lettings is a well-established and much respected Edinburgh business that fits perfectly under the Belvoir umbrella.

We continue to identify additional acquisitions as we pursue our growth strategy and look to expand our network further."

For further details:

Belvoir Lettings PLC Mike Goddard, Chairman and CEO Louise George, Finance Director	01476 584900  [e-mail]
Cantor Fitzgerald Europe Rick Thompson, David Foreman, Corporate Finance David Banks,  Corporate Broking	0207 894 7000
Buchanan Charles Ryland, Gabriella Clinkard	0207 466 5000

About Belvoir Lettings PLC

Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire.

Belvoir is recognised as one of the largest specialist lettings agency franchises in the UK, with 160 offices nationwide. Belvoir was officially awarded the Best Lettings Agency Franchise Gold Award at the 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times. Belvoir also won the Silver Award in 2011.

Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, and won Silver in 2014. Belvoir has won Brand Builder of the Year at the bfa Franchisor of the Year Awards 2011 and Best Marketing Campaign of the Year at the Franchise Marketing Association (FMA) Awards 2011. Belvoir is a founder member of the SAFE Agent Kitemark scheme, which is fully supported by NALS. SAFE Agent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.

Belvoir successfully listed on the AIM market of the London Stock Exchange on 21 February 2012. 

 

END

 

 

ACQFSWFIAFLSELS