Belvoir shares were trading up 2% to 250p with the completed acquisition of Mr. and Mrs. Clarke, the real estate agency.
Belvoir, the property franchise group, has taken over Mr. and Mrs. Clarke (MMC) for £0.2m in initial cash considerations.
A further capped consideration may be payable over the next 3 years based on the company’s performance.
MMC used a network of 10 licensed partners to offer a personalised ‘concierge-style’ service to their customers.
MMC ran their business online through their website as opposed to operating high street offices. The company is focused on being ‘discerningly different‘ by using completely digital methods of using great photos and customising the home for the customers used to market real estate.
MMC will have access to more leads through Belvoir’s established network as well as access to Belvoir’s support system that deals with legal, IT and marketing.
“The opportunities arising from being part of a Group that is so experienced in estate agency, lettings, franchising and financial services, are extremely exciting for our partners, and we will be grabbing the opportunity with both hands to exceed our plans for further national business growth,” said Paul Clarke, Managing Director, MMC.
This unique methods of customised marketing models is what attracted Belvoir to acquire MMC.
MMC also covers the same area of the property market as Belvoir in higher end properties, which will provide synergies across the portfolio.
Dorian Gonsalves, CEO, Belvoir said, “the acquisition of Mr and Mrs Clarke provides the Group with a new service offering, which will recognise the breadth of ways in which our customers want to interact with their estate agent and the different ways in which potential new franchisees or partners want to operate.”
Using Belvoir’s assisted acquisitions programme, the growth opportunities for the company is high.
The services offered by Belvoir will include financial services and lettings leading to an increase in revenues.