Consolidation within the industry continues apace with the Belvoir Group acquiring the Nicholas Humphreys Franchise Limited in a move announced over Easter.
Nicholas Humphreys consists of a network of agencies, skewed towards lettings and majoring in student rentals.
Belvoir’s chief executive Dorian Gonsalves says, “This acquisition again demonstrates Belvoir’s commitment to delivering on its strategic objective of investing in successful franchise businesses that are aligned with our multi-brand franchise model, where there is scope for further growth as part of the Belvoir Group.
“With its bias towards lettings, the Nicholas Humphreys business is underpinned by a strong recurring revenue stream, whilst offering the opportunity to roll out Belvoir’s existing expertise in sales and financial services across the network. Having funded the acquisition from cash reserves, it will be immediately earnings accretive, driving enhanced returns for our shareholders.
“Since founding the business in 1998, Nick Humphreys has built up a very successful sales and lettings network, particularly in the student lettings market, adding a portfolio of 6,510 managed units to the Group.
“We are confident that this acquisition will provide fantastic opportunities for Nicholas Humphreys’ franchisees to develop the sales and financial services side of their businesses.”
Belvoir has been on the march since acquiring the Lovelle network 15 months ago, and it says the scale of investment put by the parent firm into Lovelle will now be mirrored into the Nicholas Humphreys brand.
Nick Humphreys, managing director of the acquired firm, comments: “I would like to take this opportunity to thank our franchisees and staff for their part in building Nicholas Humphreys into the recognised brand that it is today.
“I have known for some time that Belvoir would be the right home for the Nicholas Humphreys network. Belvoir has the experience of both lettings and franchising to provide the necessary professional support to our franchisees and I look forward to seeing the network flourish as part of the Belvoir Group.”
This post has originally been featured in Letting Agent Today.