Franchise agency Belvoir Lettings is anticipating an extra £140,000 of annual revenue following a boost in acquisitions by its Northwood subsidiary.

Northwood has completed on ten acquisitions so far this year using Belvoir’s programme which helps franchisees buy up local competitors.

Belvoir said in a stock market update that these acquisitions would add around 1,000 new properties under management.

Dorian Gonsalves, chief executive of Belvoir, said: “Our confidence in Northwood, its senior management team and its franchise network to deliver strong growth as part of the Belvoir Group has been more than justified.

“With the reduced cost base following restructuring of certain functions announced earlier this year and given the robust growth arising from these ten franchise led acquisitions, the board is delighted with the performance of Northwood.

“It is a huge credit to both teams within Northwood and Belvoir who have made the assimilation of Northwood into the group such a success.”

Belvoir looks to be beefing up its presence in the industry after announcing that it is planning a merger with close rival, The Property Franchise Group.

Northwood’s latest acquisition is Umove Homes in Glossop, Derbyshire.

Phil Gee, head of Northwood’s acquisition team, said: “We have been extremely busy with enquiries which has been fuelled by the myriad of proposed legislative changes which is understandable.

“We have a significant proportion of the existing network actively seeking new opportunities and would be delighted to discuss opportunities in confidence with any business considering their plans. We also have a number of potential new franchisees looking for businesses to rebrand under the Northwood banner.”