Belvoir Lettings sells Burton office

Property franchise Belvoir Lettings has sold its Burton office to an adjacent Belvoir franchisee which operates in Hinkley, Nuneaton and Tamworth in the Midlands, for an undisclosed fee.

The sale is in line with Belvoir's strategy to implement a franchise for most of its remaining six corporate-owned offices, which would to enable it to focus the resources on its franchise business. Once sold, a corporate owned office will fall within the remit of Belvoir’s franchise support team.

Out of 302 offices nationwide, Belvoir now has only five corporate offices and plans to keep two corporate Belvoir and Newton Fallowell offices in Grantham for system development and sell another office next month.

Separately, the AIM-listed company said that Hereford is the most recent franchisee to have increased its portfolio as it aims to support organic growth through franchisee-led acquisitions.

Chairman and chief executive Mike Goddard said: "We are delighted that we are making progress on both our strategy to support franchisee-led acquisitions and to divest the group of its corporately owned offices. Our franchisees have fantastic local knowledge and the drive and determination to succeed, and we are pleased to be transferring ownership of the Belvoir Burton office to one of our ambitious franchisees."

Shares in Belvoir Lettings down 0.74% to 96.28p at