Belvoir has revealed that it has won the backing of a minority shareholder in The Property Franchise Group to resume merger talks between the two firms.
TPFG - which includes Martin & Co amongst its brands - recently rebuffed attempts to continue previously-secret merger talks between the two franchise giants.
Last month it accused Belvoir of significantly undervaluing TPFG’s worth, and of not suggesting sufficient representation for TPFG senior management on a proposed board to head the merged company.
Now, In a statement to shareholders and the City this morning, Belvoir says it has the backing of sHareholders representing 12.31 per cent of TPFG to hold merger talks.
The Property Franchise Group consists of high street agency brands Martin & Co, C J Hole, Ellis & Co, Parkers and Whitegates; it also includes the national online agency EweMove. It reported revenue of £8.3 million for the year ended December 31 2016.
Belvoir was founded in 1995 and listed on the London stock exchange in 2012; it operates a nationwide property franchise group with 300 offices across four brands offering a range of specialist services in property rental, property management, residential lettings, buy to let, property sales and property-related financial services. It reported revenue of £9.9m in 2016.
This morning’s Belvoir statement reads:
Following announcements on 19 October 2017 and 1 November 2017 in relation to the Possible Merger Offer, the Board of Belvoir has been notified by shareholders representing 3,179,050 ordinary shares of 1 pence each or 12.31 per cent. of The Property Franchise Group's ("TPFG") current issued share capital, namely Amati Global Investors Limited, on behalf of Amati VCT plc and Amati VCT 2 plc, Hargreave Hale Limited on behalf of discretionary clients and Livingbridge VC LLP, that they support in principle the boards of both Belvoir and TPFG engaging in discussions around the Possible Merger Offer.