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
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
-
A junior ISA could turn your child’s pocket money into thousands of poundsPersuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money
