Belvoir, the lettings chain, announced its intention to float on the AIM market of the London Stock Exchange at 7am this morning.
The business hopes to be listed on AIM by early February after raising between £6m and £8m from a variety of investors. Its own franchisees will be among those invited to become shareholders.
It will use the funds to grow from its current 142 office network to over 200 across the UK by 2016.
The business requires all its franchisees to be members of NALS and virtually all – about 130 – are also signed up to the SAFEagent scheme.
Belvoir is currently rather smaller than its nearest rival, Martin & Co, another franchise operation and which currently has some 175 offices. Leaders, a non-franchised stand-alone lettings chain, has been expanding rapidly and has 60 offices.
Belvoir will become the only lettings-only business to become AIM listed, although Winkworth, also a franchise business but which also handles sales, is already on AIM.
Mike Goddard, who founded the firm 17 years ago, will remain with the business as chairman, and be the major shareholder with a 55% holding.
He said there is no intention for Belvoir, once floated, to go into sales.
More on this story on Letting Agent Today tomorrow.
Comments
Can't borrow money from a bank?
Float on the alternative stock market!
What could possibly go wrong?