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Belvoir Lettings

  • BY: Andrew Hore |
  • POSTED: 21/02/2012 |

Shares in Belvoir Lettings went to a 10% premium by the end of the first day’s trading. 

A placing at 75p a share raised £7.29m, £6.3m after expenses. At the placing price lettings agency Belvoir was valued at £15.5m. The share price ended the first day at 82.5p.

The first £4.29m of the cash will be used to complete the acquisition of the business from co-founder Stephanie Goddard and the rest will be used to grow the franchise network and establish company-owned outlets.

Grantham-based Belvoir has 142 franchised offices, which had a turnover of £10m in 2010.  In the first nine months of 2011, the core company made a profit of £1.25m on revenues of £2.43m. Profit has consistently grown in recent years although revenues have fallen back. The cost base has been significantly reduced over the past four years.

Belvoir will pay dividends.

Belvoir has been pursuing a former franchisee for arrears of management service fees. The franchisee has claimed £500,000 for misrepresentation.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf

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