Belvoir Lettings is backing the purchase by the joint franchisees of its Oldham and Bury offices of Rayson Wilshaw, an estate and letting agent in Bury.

Total consideration will be £250,000, of which 50% will be being paid in cash funded by Belvoir Lettings and the remaining 50% to be paid as a deferred consideration over a four-year period.

Phil Collett and Chris Roberts opened the Belvoir Bury office in January 2013, and acquired the neighbouring Oldham office a year later. They also won the 2014 Belvoir New Franchise of the Year award.

Their latest acquisition will more than double the size of their business, expanding their lettings portfolio to over 1,000 properties and enabling them to gain a firm foothold in the estate agency market in Bury.

As a result of the acquisition the company’s managed service fee revenue is projected to increase by £33,000 per annum and interest on the loan will be charged at 8.95%.

The company said this acquisition further reinforces Belvoir’s strategy to support franchisees to grow the Belvoir brand across the UK in lettings and estate agency.

Mike Goddard, chairman and CEO of Belvoir, said: “By constantly seeking out acquisition opportunities and supporting our strong franchisees, Belvoir is in a very positive position to continue to establish the brand and grow our network nationally.

“We greatly admire the enthusiasm and ambition of our franchise in Bury and Oldham and wish them every success.”

Separately, Belvoir franchisees Ben and Daisy Davies who own the Swansea business, have opened a second office in nearly Mumbles, while in Bedford, Zoe Bywater has taken on adjacent premises and expanded into sales. She has also been joined in the business by her husband Nigel, who will manage the estate agency side.

Belvoir now has over 160 offices nationwide.