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Belvoir higher as it enters estate agent alliance with Nottingham Building Society

Under the agreement, Belvoir said the vast majority of the building society's estate agency and lettings activity will transfer over to the company

Belvoir Group PLC - Belvoir higher as it enters estate agent alliance with Nottingham Building Society

Belvoir Group PLC (LON:BLV) shares rose on Thursday as the property franchise said it has entered a strategic alliance with the Nottingham Building Society (NBS) which will extend its estate agency and lettings services to new locations.

Under the agreement, Belvoir said the vast majority of NBS’s estate agency and lettings activity will transfer over to the company and NBS will cease trading as its own estate agent operation for new business by the end of August.

READ: Belvoir pleasantly surprised by the resilience of its franchise networks

Belvoir franchisees will then be able to offer NBS members estate agency services either from existing building society branches or Belvoir’s own offices in the UK.

In the first instance, this opportunity will be extended to a number of franchisees to increase their footprint by taking up a presence in up to eleven NBS branches based in Nottingham, Leicester and Cambridge which will be co-branded.

"This strategic alliance represents a very exciting and mutually beneficial opportunity for both the Belvoir Group and [NBS], and is expected to pave the way for further joint initiatives in the future”, Belvoir chief executive Dorian Gonsalves said in a statement.

"I am confident that this innovative alliance will prove to be a great success, as Belvoir and The Nottingham already share many core principles, including a determination to ensure that the customer remains very much at the heart of all aspects of the business", he added.

The company’s shares jumped 5% to 124.4p in mid-morning trading.

Quick facts: Belvoir Group PLC

Price: 140.15 GBX

AIM:BLV
Market: AIM
Market Cap: £49.2 m
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Belvoir Group CEO talks new strategic alliance with Nottingham Building Society

Belvoir Group PLC's Dorian Gonsalves (LON:BLV) speaks to Proactive London's Andrew Scott after announcing they've entered a strategic alliance with the Nottingham Building Society (NBS). The move will extend its estate agency and lettings services to new locations. Belvoir franchisees will be...

3 weeks, 1 day ago

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