The shareholders of UK property franchise and financial services company Belvoir Group have approved a merger with Property Franchise Group in a deal valued at £214 mln (€250 mln).
The move creates a combined entity of 930 property franchise locations, managing 152,000 properties across the UK.
This follows last week’s vote by shareholders of lettings and estate agency franchisor Property Franchise, overwhelmingly in favour of the merger.
After the all-share merger, current Belvoir shareholders will own 48.25% of the enlarged company and Property Franchise Group holders 51.75%.
The transaction is still subject to the satisfaction of other conditions such as court approval of the scheme at a hearing on March 6. The deal is expected to be finalized on March 7.
The combined revenue of the two companies in the 2022 financial year was around £60 mln (€70 mln), of which about 41% was recurring, with EBITDA of £22.5 mln (€26.3 mln).
Property Franchise Group CEO Gareth Samples and CFO David Raggett will be on the combined board, together with Belvoir executive director Michelle Brook, while Property Franchise Group’s Paul Latham will chair the new company.
