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Browne Jacobson completes hat-trick of deals for Belvoir with £22m acquisition of Northwood GB

7 June 2016
Browne Jacobson has advised AIM listed Belvoir Lettings on its proposed acquisition of Northwood GB for consideration of up to £22 million.

The deal, which is being part-funded by the placing of new shares to raise up to £2.5m, will add an additional 86 outlets and more than 17,000 managed properties to Belvoir’s existing network.

AIM listed Belvoir Lettings plc was founded in 1995 by Mike and Stephanie Goddard and has its Central Office in Grantham, Lincolnshire.  Following the acquisition Belvoir will be operating through 301 outlets nationwide and will have around 54,000 properties under management, making it the largest property franchise group in the UK.

This is the third acquisition Browne Jacobson’s corporate finance team have advised Belvoir on, following the acquisitions of Newton Fallowell Ltd and Goodchilds in 2015.

Browne Jacobson's Mark Hughes and Rachael Russell advised Belvoir on the acquisition, while Mike Jackson and Tiffany Ager from the firm's Birmingham office advised on the fundraising. Emma Hinton, a partner in the banking team, also advised Belvoir in relation to the £7m banking facility provided by Natwest Bank in relation to the acquisition.

Mike Goddard, executive chairman and chief executive of Belvoir, said: 

"This is an exciting milestone in our growth, considerably expanding the size of the group to become the largest franchised property group in the UK and with a fantastic new brand to add to our portfolio. This acquisition, which is in line with our multi-brand strategy to grow both organically and by acquisitions, will substantially increase the group's presence throughout the UK. We look forward to developing Northwood further as part of the Belvoir Group as we continue to grow and also look for further acquisition opportunities."

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