Belvoir Lettings acquires four lettings agencies

Belvoir Lettings has acquired four lettings agencies based in England's Basingstoke and Andover.

The UK letting company purchased Claygold, which trades as Redwoods from one branch in Andover and three in Basingstoke.

Redwoods letting business will be sold on to the two existing Belvoir franchise businesses in Basingstoke and Andover. The vendors who have worked in the business for more than 20 years are retiring.

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Shares of Claygold were acquired for £1.5m and net assets within the companies are not expected to exceed £0.1m.

"We are delighted to be announcing the acquisition of these four agencies, which have substantially increased our network turnover and addressable market," said Chief Executive Officer, Dorian Gonsalves.

"The transaction opens up opportunities in South England and the home counties, a key strategic territory in our growth plans and is a major step in our acquisition plan."

RD