Belvoir Lettings plc has finalised an acquisition related loan facility from HSBC, which is part of a refinance package with the bank of up to £17m.
Headquartered in Grantham, Lincolnshire, Belvoir Lettings operates the UK’s largest high street franchised network of residential lettings and estate agents and aims to accelerate business growth through the acquisition of additional franchises and property-related service companies.
The HSBC acquisition fund is part of a Revolving Credit Facility, up to £17m and includes £6.5m refinancing of existing borrowing.
Louise George, CFO at Belvoir Lettings, said, “When it came to providing the funding to support our immediate and longer-term growth ambitions, HSBC stepped in and offered facilities that were both competitive and flexible enough to meet our needs.”
Roger Pratt, HSBC Area Director, Corporate Banking, East Midlands, said, “The lettings industry is going through a period of consolidation with increasing regulations placing pressures on administrative tasks for smaller agencies. We’re delighted to welcome Belvoir to HSBC and look forward to supporting the business as it continues to push forward its ambitious acquisition strategy.”