Belvoir supports Edinburgh acquisition
Belvoir Lettings has agreed to support the acquisition of a specialist lettings agency in Edinburgh.
It is in line with the Grantham-based lettings franchise's stated strategy of expanding its national coverage.
Ryden Lettings has been in operation for 25 years. The acquisition is being made by a new joint venture, Dun Eideann Property Ltd, which has been established by two long-standing Belvoir franchisees based in Falkirk and Belfast.
Of the £1.4m price tag, Belvoir has assisted with a loan of £600,000 as part of its ongoing commitment to support franchise holders to expand their operations.
Belvoir will benefit from an increase in its management service fee revenue as a result of the deal, estimated at £120,000 per year.
Belvoir chairman and chief executive Mike Goddard said: "I am delighted to announce this joint acquisition by two of our most successful franchisees working in partnership. Ryden Lettings is a well-established and much-respected Edinburgh business that fits perfectly under the Belvoir umbrella.
"We continue to identify additional acquisitions as we pursue our growth strategy and look to expand our network further."
Ryden Lettings was formed in 1989 by Brian Adair from the residential letting department of Ryden, a well-known Scottish chartered surveying firm, of which he was senior partner. The business has grown to be one of the largest agencies in Edinburgh and currently has almost 800 properties under management across the city.