Friday, August 7, 2020

Property franchise sees growth despite COVID-19

Grantham-headquartered Belvoir Group, the property franchise, has seen continued growth in the first half 2020 despite COVID-19, according to a trading update.

The company said that both revenue and operating profit are “comfortably ahead of 2019 with net profit in line with management’s pre-COVID expectations, as set at the start of the year.”

After a strong first quarter, trading in Q2 was subdued between 25 March and 13 May when the Group’s offices were closed and operating entirely under lockdown regulations.

Since the restrictions on the housing sector were lifted in mid-May, the firm says there has been a surge of activity due to pent-up demand.

This has seen Group network revenue in June up 12% compared with June 2019 with the lettings business up 17% and ahead of pre-COVID levels, and has resulted in June being a record-breaking month for the Newton Fallowell estate agency network in terms of instructions and sales, and for Belvoir’s financial services division in terms of written income.

Dorian Gonsalves, CEO, said: “This strong Group performance once again demonstrates the incredible resilience of the franchise business model in the face of both changes within the sector and challenges affecting the wider economy.

“The Group has benefitted from the considerable momentum built up during 2019 and the start of 2020, during which time the property division had fully mitigated the impact of the June 2019 tenant fee ban through a combination of assisted acquisitions and income diversification, investing in the Lovelle network and growing our financial services division’s network of advisers by 35%.

“With a return to pre-COVID levels of activity or better since housing sector restrictions were lifted, and the positive impact of the stamp duty reductions still to take effect, we are confident that the Group is well positioned to capitalise on the current market upturn and to take advantage of the opportunities arising from more challenging economic conditions.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Pandemic responsible for increased anxiety among business owners

The Covid-19 pandemic is causing SME business owners to feel they need to always be ‘on’, according to the latest independent research from Close Brothers Asset Finance*. As many...

Architects appointed to design new housing development at former Derby factory

Derby City Council have appointed professional services firm WYG to design the new housing development at the former Aida Bliss factory on City Road,...

Time Out: Glynis Wright, founder of Glynis Wright & Co Family Solicitors and Mediators

The weekend is almost upon us and that means it’s time for some quick fire questions. This ‘Time Out’ features Glynis Wright, founder of...

Work starts on new Leicestershire school

A ground-breaking ceremony has taken place to officially mark work on a scheme that will see a new 210-place primary school built in Ashby. The...

‘No surprises’ approach to local lockdowns vital for businesses – CBI

The CBI has today (7 August) set out six ways in which to build confidence for those businesses, local authorities and communities affected, if...

Related news

Reunite at the 2020 East Midlands Bricks Awards

Presenting the ideal forum to celebrate success and establish new contacts, within a safe and secure environment, this year’s highly anticipated East Midlands Bricks...

Pandemic responsible for increased anxiety among business owners

The Covid-19 pandemic is causing SME business owners to feel they need to always be ‘on’, according to the latest independent research from Close Brothers Asset Finance*. As many...

Architects appointed to design new housing development at former Derby factory

Derby City Council have appointed professional services firm WYG to design the new housing development at the former Aida Bliss factory on City Road,...

Time Out: Glynis Wright, founder of Glynis Wright & Co Family Solicitors and Mediators

The weekend is almost upon us and that means it’s time for some quick fire questions. This ‘Time Out’ features Glynis Wright, founder of...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close