Buchanan picks up lettings firm Belvoir listing mandate

Belvoir Lettings, the UK specialist residential lettings business, has called in Buchanan to handle comms around its forthcoming AIM float.

Belvoir: 142 franchised offices operating across the UK
Belvoir: 142 franchised offices operating across the UK
The firm announced this morning it was seeking admission to trade on the AIM market of the London Stock Exchange and to raise approximately £6m-£8m (including £3m of new money).
Belvoir is a franchised lettings agency business, with 142 franchised offices operating across the UK.
Mike Goddard, chairman, said: ‘The UK lettings industry has displayed steady growth through a difficult economic time and Belvoir has been at the forefront of this growth.
‘The funds raised from the placing will enable us to execute our ambitious UK geographic expansion plans to increase our national reach and strong market presence. At the same time, the directors intend to pursue a progressive dividend policy, providing an attractive yield to shareholders.’
The company stated that there are an estimated 3 million privately rented properties in England, accounting for almost 14 per cent of all households in England. It intends to grow its franchise operation to more than 200 offices by 2016.
Buchanan partner Charles Ryland is leading the account, alongside director Suzanne Brocks and account director Catherine Breen.

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