The Property Franchise Group and Belvoir have agreed terms on a £215m merger.
The deal will create a combined agent operating from more than 930 franchise locations, managing approximately 152,000 tenanted properties and selling more than 28,000 properties each year.
Under the terms, Belvoir shareholders will hold approximately 48% and TPFG shareholders will hold approximately 52% of the enlarged issued share capital of TPFG.
TPFG and Belvoir’s combined revenue exceeded £60m for the 2022 financial year, of which 41% was recurring. Management service fees accounted for approximately £27m and adjusted EBITDA was approximately £22.5m.
The merger, which is dependent on the approval of Belvoir and TPFG shareholders, will create a combined group board, helmed by TPFG CEO Gareth Samples and CFO David Raggett, along with Belvoir executive director Michelle Brook and TPFG chair Paul Latham continuing as the combined group’s chair.
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