Belvoir Group and Property Franchise have announced an exciting merger deal that will create a company valued at £214.4 million ($272.5 million). With over 930 property franchise locations, the combined group aims to become a dominant player in the industry.
As per the agreement, shareholders of Belvoir, a prominent UK property-letting company, will receive 0.806377 shares of Property Franchise for each share they own. This values each share at 277.4 pence and the total issued share capital of Belvoir at £103.5 million. The offer represents an 8.1% premium to Belvoir’s closing share price on Tuesday, which stood at 256.50 pence.
Upon completion of the merger, Belvoir shareholders will retain a 48.25% stake in the newly formed entity, while Property Franchise shareholders will own the remaining majority.
The combined company is expected to efficiently manage approximately 152,000 tenanted properties across the UK. Furthermore, they aim to facilitate the sale of over 28,000 properties annually, as stated by the companies.
Property Franchise Group’s Nonexecutive Chairman, Paul Latham, expressed his enthusiasm for the deal, highlighting the added value that Belvoir brings through their nationwide network and financial services business. Latham believes that this merger will foster growth in the sector and benefit the shareholders of the combined group.
Jon Di-Stefano, Belvoir’s Nonexecutive Chairman, emphasized the similarities between Belvoir and TPFG (The Property Franchise Group). Both companies support networks of entrepreneurial franchises and are focused on expanding their presence in the lettings and estate agency domains. Di-Stefano sees this merger as a chance to create one of the UK’s most significant multi-brand lettings and estate agency groups, accompanied by a burgeoning financial services business.
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