Grantham-based business’ £110m merger sets completion date after shareholder approval

A £110m merger between The Property Franchise Group (TPFG) and Belvoir Group is to complete next month, according to Yahoo Finance.

A completion date of March 7 has been set after more than 98 per cent of Belvoir’s shareholders voted to approve the deal, which was first announced in January.

TPGF – which operates brands including Hunter’s and Ellis & Co – will absorb Belvoir in a deal worth 277.4p per share.

The combined group will have more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK.

At the time the merger was first announced, the parties said they believe the new company will sell more than 28,000 properties per annum across its locations.

In the year to the end of December 2022, the two companies generated over £60m in combined revenue with 41 per cent of the total recurring revenue from rental agreements as well as management service fees of £27m.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) would have been £22.5m.

The companies also said that if the deal goes ahead the combined group will have a market capitalisation of approximately £214m based on current market values.

Belvoir Group is headquartered at the former Magistrates Court on Grantham’s London Road, and was established in 1995.

Speaking in January Jon Di-Stefano, non-executive chair of Belvoir, said: “The merger of Belvoir and TPFG combines two businesses with much in common, each supporting a network of entrepreneurial franchises, and will create one of the UK’s largest multi-brand lettings and estate agency groups combined with a growing financial services business.”

Paul Latham, non-executive chair of TPFG, added: “Belvoir brings further breadth through its nationwide network and a financial services business which will be complementary to our current offering.

“The merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the combined group.”