Boston

Belvoir! celebrate 62% increase in pre-tax profits

Grantham-based Belvoir Lettings is celebrating an increase in profits for 2017 following a series of acquisitions.

The property group posted revenues of £11.3 million, which is up from £9.9 million in 2016 and profits before tax also rose by 62% to £3.9 million.

Belvoir! has 165 offices across the country, with six in Lincolnshire including, Spalding, Boston, Sleaford, Lincoln, Grantham and Stamford.

Dorian Gonsalves, chief executive officer of Belvoir Lettings, said: “We are pleased to report another year of strong growth for the Group, in terms of both revenues and profitability.

“Our franchisees, who are mostly owner-operators, have continued to grow organically, through diversification and by making local portfolio acquisitions, all of which have contributed to our adjusted profit in 2017 being up 39%.

“Our franchisees are incredibly motivated to find ways to grow and develop their business and this dynamism, combined with local property expertise, underpins our continued successful growth.

“Looking to 2018, the board remains confident that the Belvoir Group will benefit from further consolidation within the sector, further integration of our recent acquisitions to deliver additional efficiencies and diversification of property-related services offered through our franchised networks, to ensure a continued increase in shareholder value.”