Posted:18-November-2015
Two Belvoir offices double in size through acquisition
Following hot on the heels of two successful corporate acquisitions, Belvoir has announced that two offices have doubled in size through company-assisted acquisition of local independents.
“I am delighted to confirm that Wai Lam and Nathan Crombie of Belvoir Brighton & Hove have almost doubled the size of their business by purchasing the managed property portfolio of a local independent agent,” said Dorian Gonsalves, Belvoir’s Director of Commercial and Franchising. “Wai and Nathan only took over the Brighton & Hove office in March of this year, and this acquisition has fast tracked their business growth by approximately £80,000 per year.
“In addition, Brian and Loretto Linehan, who have owned the Belvoir Southampton office for two years, and were winners of Belvoir’s New Franchise of the Year Award, recently completed on the purchase of Langford Charles Ltd. This will increase their annual revenue by £163,000.”
Speaking of the acquisitions, Nathan Crombie of Belvoir Brighton & Hove said: “We only joined Belvoir in March, but it was always in our business plan to look for an acquisition. This opportunity came about quite quickly, but it was just too good for us to miss. The acquisition has added 70 managed properties to our portfolio and dramatically increased the size of our business and we have recruited a new lettings negotiator to help manage the increased workload.”
Brian Linehan of Belvoir Southampton said: “My wife Loretto and I opened the business just over two years ago. Acquisition was always a key strategy to give us a bigger foothold in the market and help us to grow our business.
“Belvoir’s acquisition team was very helpful throughout the entire process and it was great to be able to draw on their experience, advice and support. As a result, the acquisition was made very straightforward and completed within four months. This has doubled the size of our business. Two former Langford Charles staff members have joined our team to help resource the additional managed properties and ease the transition for tenants.”
Belvoir has been aggressively pursuing corporate and franchisee-led acquisition opportunities throughout 2015.“These acquisitions further reinforce Belvoir’s strategy to support franchisees by growing brand Belvoir across the UK,” said Dorian. “Belvoir now has a specialist in-house acquisition team, based at Central Office. Once a potential target for acquisition has been identified, we work closely with our franchise owners throughout all aspects of the negotiations, as well as accessing bank funding, preparing the business plan, due diligence, providing property management support, and liaising with lawyers. We recognise that our franchise owners are specialist property agents and that to embark successfully on an acquisition they need strong corporate financial support and guidance through the process. I wish our franchise owners every success with their latest acquisitions and their plans for future business growth.
“Belvoir’s acquisition programme has resulted in many exciting business opportunities for our franchise owners, and I am confident that a series of new acquisition initiatives will make 2016 even more successful.”
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