Belvoir acquires estate agency Lovelles
Property franchise Belvoir Group acquired estate agency business Lovelles on Thursday via its wholly-owned Newton Fallowell subsidiary.
Belvoir will hand over £2.0m for Lovelles, satisfied in cash from existing reserves, and expects that the addition of Lincolnshire and Humber-focussed estate agency network will be earnings accretive in 2020.
In the year ended 31 March, Lovelles made an operating profit of £500,000 and had net assets of approximately £100,000.
Chief executive Dorian Gonsalves said: "Lovelles offers the Belvoir Group the opportunity to expand its franchise network significantly by a further 19 offices operating under a highly regarded regional brand.
"We believe that as part of the Belvoir Group, we can strengthen further the offering to the Lovelles network through our experienced and professional franchise support team."
Separately, Belvoir stated that trading in the second half of the financial year had been "strong", stating it was confident of "comfortably" achieving market expectations for the full year.
As of 1340 GMT, Belvoir shares were up 3.50% at 125.75p.