News: Belvoir raises £5.35m to fund expansion plans

Tue, 26 Nov 13

Belvoir, the letting agent chain, has raised a further £5.35m on the stock exchange to fund its expansion plans.

The funds will enable Belvoir to expand and support its franchisee acquisition programme, by which franchisees buy up other agents; create more corporate outlets; maintain the franchisee recruitment policy; and fund other growth as opportunities arise.

The lettings franchise chain recently announced a year-long pilot into adding sales to its offering.

The funding was raised through the successful placing of 3,343,750 new shares at 160p each (an 8.6% discount on the closing price of 175p per share on November 21).

Buyers were both new and existing institutional investors.

Around one-third of the new shares are due to be admitted to trading on the AIM tomorrow. The rest are expected to be admitted on December 17 if shareholder approval is given at a general meeting on December 16.

Belvoir’s competitor Martin & Co is currently said to be considering a float on the stock market.

See also: Belvoir Group

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