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Latest property news
Belvoir reveals £200k legal bill for failed TPFG merger bid
Despite the knock-back, the franchising giant says its group profits before tax for 2017 were up by a staggering 62%.
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Latest property news
£250m pumped into online estate agents so far by investors, claims TPFG
Extraordinary claim is made by parent company of Martin & Co and Ewemove in its upbeat annual results for 2017.
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Latest property news
Senior industry figure Nick Leeming steps down from Belvoir board
Senior industry figure Nick Leeming has stepped down from his position as a non-executive director at franchised lettings giant Belvoir after five years on the company’s board. Nick has helped steer Belvoir through a turbulent five-year period since it floated on the AIM stock market, raising £7 million to fund an aggressive expansion programme and, last year, an attempt to merge with The Property Franchise Group (TPFG), parent company of Martin & Co. He joined the Belvoir board after stepping down from a senior role at portal Zoopla. As well as his work for Belvoir, Nick has been Chairman of Jackson-Stops since 2013 and been a regular judge for The Negotiator’s industry awards. Nick, who says he is retiring from his position at Belvoir, will step down on 10th April and be replaced by another industry stalwart, Michael Stoop (pictured, left). Michael has an equally gold-plated and long-standing career within the industry having helped establish Belvoir’s franchising rivals Winkworth and TPFG, and in July last year returning to Winkworth in an advisory role. “On behalf of the Board, I would like to thank Nick for his considerable contribution since the Group floated on AIM,” says Michael Goddard, Chairman of Belvoir.…
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Latest property news
What went wrong? Belvoir reveals merger with TPFG DID have green light
Belvoir has responded to the brush-off delivered by The Property Franchise Group (TPFG) on 19th October which said the merger of the two businesses “would not be in the best interests” of TPFG. TPFG owns franchised lettings giant Martin & Co and online agency EweMove as well as CJ Hole, Ellis & Co, Parkers and Whitegates with a combined branch count of almost 300 and 50,000 tenanted properties. The board of directors at Belvoir says it is “disappointed” by the response and that the merger offer made by Belvoir was not an unsolicited one. Also, reading in between the lines of the statement, TPFG appears to have led Belvoir to believe the merger offer would be well received. Belvoir merger with TPFG Belvoir says there was previously a “willingness to engage in discussions expressed to the Board on more than one occasion by TPFG”. The company says its merger offer was structured to reflect these discussions, which included issuing 0.7150 new shares per TPFG share and 52.2p in cash per TPFG share, but says the cash element of the offer could be reduced and the number of shares increased to reduce the cost of the merger. Belvoir also says it…
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