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.
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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.
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