Belvoir Lettings is to embark on an aggressive push to persuade existing franchisees to buy up local competing agencies as an “uncertain economy, increased regulation and erosion of profits mean many independent agents are selling up,” the company says.
Managing Director Dorian Gonsalves (pictured) says his acquisition team are already being offered businesses for sale at a rate of one every working day and that the company is to launch a roadshow that will travel around its network of franchisees to encourage owners to consider expanding, helped partially through funding arranged by the Belvoir head office in Grantham.
The company says this helps franchisees increase turnover and profits, enhance market presence of and capital value to their business.
“Belvoir prides itself on working closely with our franchise owners to help them assess whether an acquisition opportunity is likely to add significant value to their business,” says Dorian.
If this proves to be the case, and our stringent due diligence checks are approved, Belvoir can, in the right circumstances, loan up to 30% of the purchase price.
The process takes approximately three to six months and I look forward to reporting many more mutually beneficial acquisitions throughout the year.”
A recent example of this is Steve Slawson of Belvoir Hereford (pictured, right), who recently bought competitor William Estate Agents which included 41 fully managed properties.
The company claims to be the largest property franchise company in the UK with 302 outlets nationwide, a handful of offices ahead of its main rival, Martin & Co, helped in part by its acquisition last year of Northwood, a network of 86 residential sales and lettings agents.