Belvoir Lettings is on track to become the UK’s largest property franchise group after agreeing the takeover of Northwood GB in a multimillion-pound deal.
The listed company has conditionally agreed to purchase Northwood, which was established in 1995 and operates 86 outlets nationwide, for a total sum of up to £22m.
If the deal goes ahead, Belvoir will become the largest property franchise in the UK with more than 54,000 managed properties and a total of 301 outlets.
The takeover will be funded in part through a placing of new shares to raise gross proceeds of up to £2.5m. It will be conducted through an accelerated bookbuild process.
Mike Goddard, executive chairman and chief executive of Belvoir, said: “This is an exciting milestone in our growth, considerably expanding the size of the group to become the largest franchised property group in the UK and with a fantastic new brand to add to our portfolio.
“This acquisition, which is in line with our multi-brand strategy to grow both organically and by acquisitions, will substantially increase the group’s presence throughout the UK. We look forward to developing Northwood further as part of the Belvoir Group as we continue to grow and also look for further acquisition opportunities.”
Northwood chief executive Gemma Goodson added: “The acquisition today of Northwood by Belvoir marks the start of a new chapter in Northwood’s history and we are delighted to be joining one of the market’s leading property franchises.
“Belvoir is exactly the right fit for us; all of the staff are excited to be part of the group’s ambitious growth plans and we look forward to our future as part of Belvoir.”
At Belvoir Liverpool Central and Liverpool West Derby, we welcome this merge with Northwood. Our offices in Liverpool have recently won awards at the ESTA’s for Best in the North West as voted for by tenants. If you are a tenant or landlord and would like to join Belvoir then contact us on 0151 231 1613 or email@example.com