Property franchise chains Belvoir and The Property Franchise Group are to merge, it has been announced.
The combined group will boast more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties per year.
Paul Latham, TPFG’s chair will be the combined group’s chair. The new comapny’s board will include Gareth Samples, TPFG’s CEO (main picture), David Raggett, TPFG’s CFO, and Michelle Brook. Belvoir executive director.
Upon completion of the merger, which is dependent on a vote by shareholders, Belvoir shareholders will hold approximately 48.25%. and TPFG shareholders will hold approximately 51.75%.
Latham says: “I am delighted to confirm that we have reached an agreement with the Belvoir board and major Belvoir shareholders on the merger with Belvoir. We believe that the merger represents a compelling opportunity for all shareholders.
“Belvoir brings further breadth through its nationwide network and a financial services business which will be complementary to our current offering.
“The merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the combined group.”
Jon Di-Stefano, non-executive chairman of Belvoir, says: “The merger of Belvoir and TPFG combines two businesses with much in common, each supporting a network of entrepreneurial franchises, and will create one of the UK’s largest multi-brand lettings and estate agency groups combined with a growing financial services business.
“With their complementary geographic footprints providing both scale and diversification across a variety of high street and hybrid brands combined with high levels of recurring revenue, we feel sure that the combined group will provide a robust platform from which to grow.”
Belvoir Group’s lettings and acquisitions rescued its figures for the first half last year, with a jump of 10% in profits to almost £4.4 million.
TPFG increased group revenue to £13.2 million in the first half of the year with profit before tax increasing 11% to £4.2 million, its half year results revealed last year.