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.
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
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
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
