Merger of estate agency giants clears final hurdle

The merger of property franchise chains Belvoir Group and The Property Franchise Group has cleared its final hurdle.

Shareholders in Belvoir just approved the deal with more than 98% voting in favour, and as TPFG’s investors had already agreed, it is now set to go ahead.

Shares suspended

Belvoir’s shares will be suspended on 7 March before shares in the new company under TPFG’s name are issued the next day.

Upon completion of the merger, which was first announced in January, Belvoir shareholders will hold approximately 48.25%. and TPFG shareholders will hold approximately 51.75%.

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.

Brand portfolio

Belvoir’s brand will be added to the other seven brands which make up The Property Franchise Group portfolio: Martin & Co, Ewemove, CJ Hole, Ellis & Co, Hunters, Parkers and Whitegates.

Belvoir Group’s CEO Dorian Gonsalves is set to leave the company under the terms of the merger. He joined Belvoir in 2005 and the group has enjoyed an impressive expansion under his leadership.

Louise George, Belvoir’s CFO, is also set to go, although both senior executives will stay on for 12 months to help the two firms integrate.

New role

Paul Latham, TPFG’s chairman will chair the combined group. The new company’s board will include Gareth Samples, TPFG’s CEO, David Raggett, TPFG’s CFO, and Michelle Brook. Belvoir executive director.

Richard Martin, founder of TPFG, will step down from the TPFG Board to take on a new role as lifetime president, and will continue to provide the combined group board with strategic advice.

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