Belvoir Group swoops for two "rock solid businesses"
London, UK
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August 31, 2023 06:01 AM Eastern Daylight Time
Belvoir Group PLC (AIM:BLV) chief executive Dorian Gonsalves speaks to Thomas Warner from Proactive after announcing that the nationwide property franchise group has acquired two financial services business in the southwest of the UK for a combined sum of around £2.1mln. Belvoir recently wrapped up the acquisition of MAB (South West) Ltd following the conclusion of a deal for BMA Bristol Limited earlier in the summer.
The acquisitions, with over £3 million in combined turnover, are projected to contribute around £0.6 million in profits. While acknowledging sector challenges, he attributes their success to franchisees and self-employed advisors' strong performance, highlighting their resilience during tough times.
He describes the businesses acquired as "rock solid... that exactly fit our model." Gonsalves suggests that while it is in the nature of the group to continue making acquisitions, the two acquisitions made this summer already equal the total for a typical year. He also highlights that he expects a high level of investor interest in Belvoir's forthcoming results, set for release on 4 September.
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