Belvoir, the Lincolnshire-based property franchise, has exceeded its 2018 target for assisted acquisitions by its franchisees.
During 2018, franchisees completed on 26 transactions under the Belvoir Assisted Acquisitions programme, increasing the acquired annualised network revenue to £6.9 million which exceeded the ambitious £6.6 million target, double the 2017 level, set by the Board.
These acquisitions are expected to add in excess of £600,000 p.a. of recurring Management Service Fees (MSF), the main revenue stream for the Group. It also adds over 4,400 managed properties, increasing the portfolio by 7%. The Belvoir Group now represents over 62,000 managed properties.
Dorian Gonsalves, CEO of Belvoir, said: “The Assisted Acquisitions programme, now in its sixth year, has gone from strength to strength and continues to grow. Since 2014 we have provided both commercial and financial support to 70 of our franchise owners, many of whom have doubled the size of their business overnight.
“We continue to witness consolidation within the sector, a trend which supports our 2018 prediction that there will be 20% fewer agents by the end of 2020. This is evidenced by our acquisition opportunities pipeline being far greater than in previous years.
“Our franchisees are professionally and financially equipped to take advantage of these opportunities and we currently have 83 franchise owners who are actively searching for a suitable match within their territory. Belvoir is here to support our franchisees’ entrepreneurial growth ambitions, which will benefit the Group and our shareholders alike.”