Strategic Acquisition

Belvoir

11/03/2022 07:00

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RNS Number : 4760E  Belvoir Group PLC  11 March 2022

RNS Reach

 Final  11 March 2022

 

BELVOIR!

BELVOIR GROUP PLC

(the "Group", "Company" or "Belvoir")

 

Strategic Acquisition

 

Belvoir Group PLC (AIM:BLV), one of the UK's largest property franchise
groups, is pleased to announce that it has acquired Mr and Mrs Clarke Limited
("MMC") for an initial cash consideration of £0.2 million and a possible
additional deferred element, funded from existing Group resources ("the
Acquisition").

 

MMC was founded in 2015 by Paul and Alex Clarke, offering a specialist
concierge-style personal estate agency model through a national network of 10
licensed partners, predominantly in Warwickshire, South Wales, the Midlands
and North London.

 

MMC has created a digital-first brand centred on being "discerningly
different" by advertising homes in a truly beautiful way, with an industry
leading website that enables its partners to run their businesses effectively
without a High Street office.

 

With the brokerage model growing within the estate agency sector, the key
strategic driver for the Acquisition is that MMC introduces a high-quality
personal agency model to the Belvoir Group that is complementary to its
existing high street brands. The Acquisition will offer customers a wider
choice of how they interact with the Group, whilst operating in a very similar
way as a franchise business. As part of Belvoir, MMC will benefit from a broad
range of skills and expertise to support expansion of their network as well as
the credibility of being part of an established, highly respected Group.

 

The Board anticipates the following opportunities arising from the
Acquisition:

 

·      Expansion of the MMC reach through increased lead flow of
potential partners;

·      Additional revenue streams from extending service offerings to
include financial services and lettings;

·      Enhanced legal, compliance, marketing, IT and general support to
Partners and Associates through the Belvoir central franchise support system;

·      Opportunity for accelerated growth under Belvoir's Assisted
Acquisitions programme.

 

Executive directors of MMC, Paul and Alex Clarke, will continue to manage the
business as part of Belvoir. The acquisition agreement provides for further
consideration payable, on a capped basis, dependent on the performance of the
business during the next three years.

 

Dorian Gonsalves, CEO of Belvoir, commented:

"The acquisition of Mr and Mrs Clarke provides the Group with a new service
offering, which will recognise the breadth of ways in which our customers want
to interact with their estate agent and the different ways in which potential
new franchisees or partners want to operate.

 

"Paul and Alex have created a really positive, vibrant brand that stands out
from the crowd.  The future success of their business will benefit from the
credibility that the Belvoir Group can bring and we extend a warm welcome to
the MMC team, and look forward to working alongside their partners to further
strengthen the business' growth potential."

 

Paul Clarke, Managing Director, Mr and Mrs Clarke, commented:

"Dorian understood our vision from the word go, making this acquisition a
natural step in the evolution of our business. The brokerage style business
model is one which is becoming increasingly popular in the UK, especially in
our new flexible working era.

 

"The opportunities arising from being part of a Group that is so experienced
in estate agency, lettings, franchising and financial services, are extremely
exciting for our partners, and we will be grabbing the opportunity with both
hands to exceed our plans for further national business growth."

 

For further details:

 Belvoir Group PLC                                             01476 584900

 Dorian Gonsalves, Chief Executive Officer                    investorrelations@belvoirgroup.com

 Louise George, Chief Financial Officer

 www.belvoirgroup.co (http://www.belvoirgroup.co) m

 finnCap                                                                                   +44 (0) 20 7220 0500

 Julian Blunt & Teddy Whiley (Corporate Finance)

 Tim Redfern (ECM)

 www.finncap.com (http://www.finncap.com)

 Buchanan                                                      +44 (0) 20 7466 5000

 Charles Ryland, Kim Looringh-van Beeck & Tilly Abraham

Notes:

About Belvoir Group PLC

Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a
nationwide property franchise Group with 462 offices across six brands
specialising in residential lettings, property management, residential sales
and property-related financial services. With its Central Office in Grantham,
Lincolnshire, the Group manages 72,900 properties and reported record revenues
of £21.7m in 2020 marking Belvoir's 24(th) year of unbroken profit growth.

For further information, please visit: www.belvoirgroup.com

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