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Agents big and small are closing branches, claims Belvoir

Its upbeat half-year report reveals increased average branch revenue, although four of its own closed after being merged with neighbouring offices.

Nigel Lewis

Belvoir has claimed that its rivals from both the independent and corporate sectors of the industry are closing branches as the lettings fee ban and slow sales market continue to bite.

The claims are made within its half-year trading update for the year in which it reveals four of its own branches have been closed after being merged with neighbouring offices.

But its overall national branch count remains at 300 after four new openings via its Assisted Acquisitions programme made up the shortfall. None of the closures resulted in a reduction in lettings book, its report claims.

The company also says its franchisees are thriving rather than surviving in the current environment and that average revenue per branch increased by 6% to £133,000 during the first half of the year.

A more robust performance by its Belvoir and Northwood franchisees and its star financial services division generated a 48% increase in group revenues.
This includes a 5% increase from franchisees and a 200% increase in revenue from its recently-expanded mortgages operation.

Dorian Gonsalves - Belvoir - image“I am delighted to report another half year of further strategic and trading progress for the Group, with our diversification into financial services building on the growth of the underlying business.,” says Chief Executive Dorian Gonsalves.

“Trading across lettings, sales and financial services continues to outperform their respective markets and deliver strong results for the Group.

“The further take-up of property sales, financial services and franchisee-led acquisitions demonstrates the entrepreneurial spirit of our franchisees in the face of even more challenging market conditions.”

Read more about branch closures.

September 4, 2019

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