08:00 Thu 13 Jul 2017
Belvoir Lettings PLC - Acquisition of Brook, Trading & Board Update
For immediate release
(the "Company", "the Group" or "Belvoir")
Acquisition of
Update on Trading
Board Changes
The Company is also announcing that Mike Goddard, founder, Executive Chairman and Chief Executive Officer will be standing down as Chief Executive Officer as of today, but will continue to play an active role in the business as Chairman. Dorian Gonsalves, currently Chief Operating Officer, will take over the role of Chief Executive Officer with immediate effect.
ACQUISITION
Background on Brook
Brook, which trades as
The Board believes that the focused approach operated by Brook will enable the Group to achieve materially greater penetration of Belvoir's client base and increase the financial services fees generated on property sales across all Group networks. As the Group's lettings-based networks Belvoir, Northwood and Goodchilds grow their property sales business, Brook will enable our brands to increase further their revenue from estate agency related services and mitigate some of the impact of the upcoming ban on tenant fees. Additionally, Brook will be able to make immediate inroads into the Group's main estate agency network, Newton Fallowell, by increasing the available number of mortgage advisers to service their substantial house sales transactions.
Further details of the Acquisition
Belvoir is acquiring the entire issued share capital of Brook for a consideration of
Financial information on Brook
For the 12 month period ended
Admission of Consideration Shares
An application has been made for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on
Following Admission, the Company will have 34,938,606 ordinary shares in issue admitted to trading on AIM. This figure may be used by shareholders as the denominator by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
CURRENT TRADING
The Company has had an encouraging start to the year with trading currently in line with the Board's expectations. A further update will be provided at the time of Belvoir's Interim results due to be announced on
BOARD CHANGES
Having founded Belvoir in 1995 and floated the Group in 2012, Mike Goddard has decided to step back from his role as Chief Executive Officer but to continue to guide the Group as Chairman. Following a process run by the Nominations Committee, Dorian Gonsalves, Chief Operating Officer, has been appointed Chief Executive Officer with immediate effect.
Mike Goddard will continue to provide strategic input and draw on his knowledge of and contacts within the sector to secure further expansion of the Group.
Mike Goddard, Chairman, Belvoir commented:
"We are delighted to be announcing the acquisition of Brook. Having focused on growth plans to create an enlarged group of franchise networks and offices over the past two years, the acquisition of Brook will enable both individual franchisees and the Group to benefit from greater penetration of its client base and the increased revenue arising from the sale of financial services associated with property sales across all group networks.
Also, with effect from today, I have stepped down from my role as Chief Executive Officer but will continue as Chairman. Having worked closely with Dorian Gonsalves as Chief Operating Officer for over 13 years, I have every confidence that he has the necessary experience and vision to take the Group into the next phase of its strategic growth across the UK. I look forward to continue working with him in his new role."
"The acquisition today of Brook by Belvoir represents a significant milestone for the business and provides the opportunity to grow sales of financial service products within the Belvoir group. Brook has a fantastic team of experienced advisers and a solid support structure operating within the
For further details:
Mike Goddard, Chairman Dorian Gonsalves, Chief Executive Officer
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01476 584900 investorrelations@belvoirlettings.com
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Cantor Fitzgerald Europe Rick Thompson, Phil Davies, Michael Reynolds Corporate Finance |
0207 894 7000
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Buchanan Charles Ryland, Victoria Hayns, Madeleine Seacombe |
0207 466 5000 |
Note to Editors:
About
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with over 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let and property sales. With its Central Office in Grantham, Lincolnshire, the Group manages 56,000 properties and reported revenue of
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