Belvoir Lettings to acquire Goodchilds

Belvoir Lettings will acquire West Midlands-based sales and letting business Goodchilds Estate Agents for £3.26m.

The UK-based lettings franchise announced the deal on Monday, which is being partly funded by a conditional placing.

The company plans to raise a total of £3.6m for the acquisition and to bolster its working capital.

An initial consideration of £1.63m will be paid in cash for Goodchilds, with a £0.81m deferred consideration to be funded from the issue of shares.

An additional £0.81m in cash will be paid in two instalments over the next 12 months after the acquisition is completed.

Belvoir chief executive Mike Goddard said it’s an exciting milestone in the company’s growth.

“Following the acquisition of the Newton Fallowell business in July, this acquisition marks further success in pursuing our multi brand strategy in order to increase market share and geographic coverage.

“Goodchilds is a clear strategic fit and we are looking forward to welcoming their franchise owners to the Group.”