Belvoir Falkirk and Belvoir Inverness buy out local businesses
Belvoir’s expansion project continues to forge ahead, with Belvoir Inverness and Belvoir Falkirk completing successful acquisitions.
Amjed Rasul, owner of Belvoir Inverness has acquired the residential lettings portfolio of a local agency and Mike Campbell of Belvoir Falkirk has bought out a local lettings business. The Belvoir Falkirk acquisition takes the total number of managed properties on Mike’s books to 500+, firmly establishing him as the number one agent in the area.
“I am delighted that we have successfully completed the acquisition of a residential portfolio from a well-established local business,” says Amjed, who launched the Belvoir Inverness office five years ago.
“We started negotiations in early January to establish compatibility of the residential portfolio for our business. With the help of the acquisition team at Belvoir’s Central Office we managed to complete the transaction in about a month.
“The portfolio comprises of luxury apartments in prime locations which are occupied with a regular rent roll adding six million pounds to the value of properties under our management. The quality of the portfolio is a perfect match for our existing business model. The majority of the properties are within a three miles radius of the Inverness office where the highest concentration of the cities rental demand exists.
“I am interested in further growth and encourage other local agents who are interested in selling their lettings portfolio to approach me.”
Mike Campbell of Belvoir Falkirk says: “We have retained all of the properties that came over to us, bringing our total number of managed properties to over 500. As could be said of anywhere in the country, competition is ever increasing in Falkirk and only 5% of the housing stock is privately rented. We were already the biggest agent in town and the acquisition has reinforced our position.”
Belvoir has ambitious growth plans for 2013 and is currently processing several other acquisitions with offices all around the UK. CEO Dorian Gonsalves says: “As part of Belvoir’s growth strategy we are now proactively targeting key competitors. Belvoir’s flotation onto the London stock market one year ago has enabled us to help franchise owners to acquire competitors within their territory, and if it is the right opportunity we can also provide assistance with funding.
“As an additional part of our acquisition strategy, if a competitor is identified in a non-franchise territory we will consider buying that competitor, rebranding the office, implementing Belvoir’s own systems and then operating the business for a period of time either on a permanent basis or until a new franchise owner can be found. I would therefore urge the owner of any business that is looking for an exit strategy to contact the acquisition team at Belvoir’s Central Office for a confidential discussion about any opportunities that may be available.”