02:00 Thu 07 Nov 2019
Belvoir Group PLC - Financial Services Growth
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR")
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BELVOIR!
(the "Group", "Company" or "Belvoir")
Financial Services Growth
and
New Exclusivity Agreement
In 2016 the Board identified financial services as a good means of diversification and a valuable additional revenue stream for both its franchisees and for the Group as a whole. At that time the Group had 13 financial advisers supporting around 20 of its Newton Fallowell offices operating under the
Following the acquisition of
The Board's strategic objective is to increase both its geographical coverage of financial services across the UK and its market share in existing territories. This will be achieved through the recruitment of additional financial services advisers to work with both independent estate agencies and our Group franchisees who will provide introductions to their clients.
New Exclusivity Agreement
Belvoir is delighted to announce that it has entered into an eight-year exclusivity agreement with Dacres, a 20 office estate agency network based in Yorkshire, to deliver financial services to their extensive client base. Belvoir believes that, with the right systems in place, the Dacres network could support an increase from its current four advisers to ten over the next two years. As a result, the agreement is expected to contribute around
Dorian Gonsalves, CEO, commented;
"Our diversification into financial services is proving to be a real win-win for the Group with growth arising from working with both our networks and independent agents. We are really excited to be taking on the financial services for Dacres. Our financial services team based in Barnsley is well placed to support their network and is looking forward to working closely with their offices to build up the level of mortgage sales delivered to their clients."
Patrick McCutcheon, Residential MD of Dacres, commented;
"Following a strategic review of our financial services offering undertaken in the spring of this year, we identified the financial services arm of
For further details:
Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer
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01476 584900 |
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finnCap Julian Blunt & Teddy Whiley (Corporate Finance) Tim Redfern (ECM)
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+44 (0) 20 7220 0500 |
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Buchanan Charles Ryland, Victoria Hayns & Tilly Abraham |
+44 (0) 20 7466 5000 |
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Notes for editors:
About
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise group with 372 offices across four brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages over 64,650 properties and reported record revenues of
For further information, please visit: www.belvoirgroup.com
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