Belvoir is delighted to announce that franchisee Howard King of Belvoir Newcastle has successfully completed on the resale of Belvoir Sunderland.
“I am delighted that the resale has completed,” said Howard. “I have been looking for business development opportunities since completing on an acquisition in the Newcastle area some years ago. When Belvoir Sunderland became available I realised that it had the potential to be an excellent fit with my existing business. The Sunderland office is just half an hour away from Belvoir Newcastle, so very convenient and I am looking forward to making the transition from running one business to running two.
“Throughout the entire process I received a lot of advice and support from Belvoir Central Office and I am delighted that everything has gone through.
“Up until now I have focused on lettings, but with having two offices this will make it an ideal opportunity to take on more specialist staff and embark on estate agency.”
Belvoir CEO Dorian Gonsalves said: “We wish Howard every success for the future and look forward to the growth and development of both Belvoir Newcastle and Belvoir Sunderland, as he steers these businesses into a new era, which will ultimately include residential sales.
“”Belvoir has achieved eight resales this year, two of which were corporate offices, and a further resale is due to complete in the near future. Belvoir’s cizac resale programme enables franchisees who are considering an exit strategy to realise the value of their assets, and there is a strong appetite amongst existing franchisees to buy additional Belvoir offices.
“We currently have over 80 franchisees across the Belvoir network, which includes Newton Fallowell, Northwood and Goodchilds, who are actively looking for acquisitions. To date there have been 16 successful franchisee-led acquisitions in 2017, and we have a further eight that are likely to complete before the end of the year.
“The total value of the completed franchisee acquisitions to date is £2.285 million, and a further three million pounds of acquisitions are currently with lawyers.
“Going forward into 2018 we plan to double the number of franchisee acquisitions achieved this year, which will not only deliver twice the profits to our franchisees’ bottom line, it will also grow Belvoir as a franchisor.
“I am sticking to my forecast that 20% of independent letting agents will close in the next three years, and we have plans in place that will allow us to extend our acquisition opportunity. These plans will enable us to learn earlier about potential businesses for sale and we will be looking to assist as many franchisees as we can who wish to take advantage of market opportunities.”
To find your nearest Belvoir office please visit https://www.belvoir.co.uk/