12th Dec 2019 15:33
(Alliance News) - Belvoir Group PLC on Thursday said subsidiary Newton Fallowell Ltd has agreed to acquire Lovelle Estate Agency Ltd for GBP2 million.
Lovelles is a franchised estate agency network operating in Lincolnshire and the Humber region of England with 19 branches.
Belvoir said the acquisition is expected to be earnings accretive in 2020.
Belvoir Chief Executive Officer Dorian Gonsalves said: "Lovelles offers Belvoir Group the opportunity to expand its franchise network significantly by a further 19 offices operating under a highly regarded regional brand. I would like to pay tribute to Jonathan Lovelle who is well respected within the property sector and has built Lovelles into a highly successful franchise network. 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 said trading in the second half of the current financial continues to be strong, and is confident that it is in line to "comfortably achieve" market expectations for the full year.
Shares in the AIM-listed property franchise group were up 4.8% at 127.38 pence on Thursday in London.
By Arvind Bhunjun; [email protected]
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