Belvoir given warm reception
Trading in the shares of Belvoir Lettings, one of the UK's largest lettings franchises, have got off to a solid start, trading almost 5p above the flotation price.
Trading in the shares of Belvoir Lettings, one of the UK's largest lettings franchises, have got off to a solid start, trading almost 5p above the flotation price.
The company announced in January it was seeking to raise between £6m and £8m, £3m of it through the issue of new shares, via a placing of shares. The shares were placed at 75p, and were being traded on the Alternative Investment Market (AIM) at 79.5p in the first hour of the stock's life as a listed entity.
Seymour Pierce is acting as Nominated Adviser (Nomad) and broker to Belvoir.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Belvoir and all its franchisee businesses - the Belvoir Network - have 142 franchised offices operating across the UK. The company has delivered consistent growth since it was founded in 1995. The combined Belvoir Network fee turnover was around £20m in 2010, more than double the £8.7m figure for the year ended 31 December 2005.
The net proceeds of the placing will be used to fund the expansion of the Belvoir Network through appointing franchisees in new territories; providing additional support to grow the businesses of franchisees; and to establish a number of further Belvoir owned outlets, the group said.
jh
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
RICS: homebuyers are returning after stamp duty shock
The housing market has been subdued since stamp duty thresholds dropped in April, but there are signs of a recovery
-
Reducing cash ISA limit will make lending difficult and expensive, warn providers
An open letter from the Building Societies Association has urged the chancellor to keep the cash ISA limit at £20,000. We look at whether a smaller cash ISA allowance will make it harder to get a mortgage or loan