Belvoir and The Property Franchise Group (TPFG) have revealed plans to merge, forming a significant presence in the property franchise sector.
The new entity will manage an expansive network of over 930 property franchises across the UK, responsible for around 152,000 tenanted properties. Additionally, it is projected to handle the sale of over 28,000 properties annually.
Paul Latham, the current chairman of TPFG, will lead the merged group. The executive board will feature prominent figures including TPFG’s CEO Gareth Samples, CFO David Raggett, and Michelle Brook from Belvoir as an executive director. Notably, the announcement did not include any specific role for Dorian Gonsalves, Belvoir’s CEO who has been instrumental in the company’s growth since 2005.
The merger’s completion is contingent upon approval from the shareholders. Post-merger, Belvoir’s shareholders are set to own about 48.25% of the combined entity, while TPFG’s shareholders will hold a majority stake of approximately 51.75%. Latham said:
“I am delighted to confirm that we have reached an agreement with the Belvoir board and major Belvoir shareholders on the merger with Belvoir. We believe that the merger represents a compelling opportunity for all shareholders.”
Jon Di-Stefano, non-executive chairman of Belvoir, said:
“The merger of Belvoir and TPFG combines two businesses with much in common, each supporting a network of entrepreneurial franchises, and will create one of the UK’s largest multi-brand lettings and estate agency groups combined with a growing financial services business.
With their complementary geographic footprints providing both scale and diversification across a variety of high street and hybrid brands combined with high levels of recurring revenue, we feel sure that the combined group will provide a robust platform from which to grow.”
