Belvoir Group reports ‘exceptionally strong trading’

Belvoir Group PLC, the franchise and financial services Group, has published an update ahead of its Half Year results that will come out on 6 September 2021.

It says that the Board is pleased to report that trading has continued to be exceptionally strong with Group revenue during the six months to 30 June 2021 up 41% on 2020, which had been impacted by the Covid-19 pandemic, and up 53% on 2019 (42% on a like-for-like basis), with substantial revenue growth across both divisions on the back of a very buoyant housing market.

In comparison to H1 2019, the property division achieved revenue growth of 45%, of which 25% represented growth in the underlying business and 20% from the Group’s investment in two additional franchise networks, Lovelle in January 2020 and Nicholas Humphreys on 31 March 2021. Meanwhile, the financial services division reported revenue up 62% on H1 2019 through organic growth of the adviser network.

Management Service Fees (“MSF”), the core franchise revenue stream, from residential sales was up 100% on H1 2020 reflecting the lower transaction level in Q2 2020 due to the first national lockdown by contrast to the exceptional level of house sales in H1 2021 driven by the stamp duty holiday and the “race for space”.

By comparison to H1 2019 on a like-for-like basis, sales MSF was up 68%. The shortage of available property to meet current levels of demand has resulted in the UK house price index reaching 10.0% for the year to May 2021, compared with 2.2% at the end of 2019 prior to the start of the Covid-19 pandemic.

Current pipelines and the ongoing demand for property suggests that the transitional approach to ending the stamp duty holiday, which finally ends on 30 September this year, has succeeded in avoiding the cliff edge feared at the start of 2021 with instead a gradual return to a more normal transaction level anticipated in Q4.

Meanwhile, MSF from lettings, which had been much less impacted by the first national lockdown and operated on par with H1 2019, was up 13% on H1 2020. Of this, 3% was attributable to the acquisition of the Nicholas Humphreys network on 31 March 2021 and the franchising of certain previously corporate-owned Lovelle offices.

The underlying growth of 10% compares favourably with the overall UK rental index to June 2021 of 1.2% which rose to 1.8% excluding London, and to 2.4% in the East and West Midlands, where the Belvoir Group is particularly strong. There are signs of more substantial rental increases on the horizon with the rental growth from new tenancies reportedly running at 5.9% UK-wide, and 8.0%, excluding London.

Revenue growth from the financial services division, up 51% on H1 2020, clearly benefitted from the demand for mortgages to fund house purchases, but also from a 21% increase in the Belvoir adviser network, which was up to 221 (H1 2020: 176) advisers at the end of June 2021. The subsequent acquisition of Nottingham Mortgage Services Limited, the mortgage arm of the Nottingham Building Society (“The Nottingham”), completed on 30 July, has taken Belvoir’s number of advisers up to 242. The strengthening of the strategic partnership with The Nottingham will extend the financial services division in the first instance from servicing The Nottingham’s existing members and branch customers, and longer term from servicing their fast-growing base of over 50,000 Lifetime ISA online account holders through the Beehive Money app, many of whom are saving to buy their first home. Helping these future first-time buyers to access the right mortgage to meet their home-ownership aspirations has the prospect of generating significant mortgage opportunities in the coming years.

The Group continues to achieve a high rate of cash conversion and maintains a strong balance sheet with cash balances of £5.1m (H1 2020: £4.3m) and bank loans of £9.1m (H1 2020: 10.0m) at the end of June 2021. Net debt of £4.0m (H1 2020: £5.7m), up £0.3m since the end of 2020, is after having acquired Nicholas Humphreys for £4.0m in cash.

Given the Group’s growth in H1 over both 2019 and 2020, its earnings enhancing investments to expand both the property and the financial services divisions, and the current market conditions reflecting a sustained underlying demand for homes and mortgages, the Board is confident of achieving a strong trading performance for the full financial year.

Dorian Gonsalves

Dorian Gonsalves, CEO of Belvoir Group, commented: “We continue to see exceptionally strong trading across the Group, well ahead of our expectations as at the start of the year. Our residential property sales hit a peak in June and pipelines remain strong. Lettings has achieved growth from increased rental activity and tenant demand creating an upward pressure on rents.

“Our financial services division continues to go from strength to strength, benefitting from the strong sales market and our enlarged network of advisers.

“The Board has continued to pursue its growth strategy in H1 through the acquisition of Nicholas Humphreys, increasing the footprint of our property franchise division, along with the strengthening of our long-term strategic partnership with The Nottingham Building Society through the acquisition of its mortgage business, Nottingham Mortgage Services Limited. Both acquisitions will be highly accretive in 2021 and demonstrate the Board’s commitment to enhancing shareholder value further.”


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  1. AlwaysAnAgent

    Good update from another top quality franchise group. They were early to repay furlough and grant monies and the management and franchisees quietly get on with running one of the best businesses around.

  2. Hillofwad71

    Yes indeed.First class .What is particularly refeshing is their recruitment approach   Like Winkworths ,no burying of the risks involved No “roll up roll up ,once they have gone.

    “Areas are selling fast”


    No burying of bad news about the failures which are very few like some !

    Head Shepherd

    “As far as recruiting from outside the industry is concerned..we find there is no difference.”

    Whereas the majority of the70+  failures at Ewemove  are those arriving who had never valued a house before.Dismissing the importance of experience and a long period of training





      It’s utterly laughable that this article leads you to yet another EweMove bashing.

      Perhaps there’s an issue here that burns deeper than I first thought…


      1. Hillofwad71

        Unfortunately  it’s no laughing  matter  for the 70+ disappeared sheep .Quite the opposite . I guess that doesn’t concern you one iota
        Just highlighting the contrasting approach to recruitment and retention of franchisees
        The issue quite frankly is that the rhetoric underpinning the recent recruitment drive does not spell out the risks. Far from it  Disgrace Sheep’s droppings
          On Facebook they are overstating the case daily
        “We’ve been experiencing some rapid growth recently and are pleased to share how we have gone from zero to more than 150 franchising heroes in just seven years!”
        “Wow… £100,021 of sales in the first six months of operation! We think that’s a great mark of success.” This refers refers to Beverley in 2014 !!  
        That must stick  in the craw of 6 fresh lambs who have yet to strike  their maiden instruction
        “With property prices remaining high, now is a fantastic time to start looking at franchising with us, so make sure you get in touch before all the areas go!”
        Do us a favour when great swathes of the country are sheep free zones  .Who are they kidding !
        Take Wales just 1 in Cardiff,the former franchisee who operated just dissolved  his company Lasta ccount showing a deficit 
         Chepstow & Caldicot   and Vale of Glamorgan long since gone   The former ex services  lady borrowed from Nat West and flattened within 15 months        


          What business do you know includes potential risks as part of the recruitment message?

          Risks are discussed openly prior to both parties deciding whether to work together just as they were with me.

          What I keep coming back to us why is it such a deep burning issue for you that at each occasion possible, even when it’s not even relevant do you choose to try and discredit a business that is performing well?

          Anyways I’ll leave you to your HMCH scrawling that you seem to enjoy so much. Must be tiring though being so negative  : )



  3. GioTum

    Hillofwad still bleating about another Company when the article talks about the success to Belvior ( which is excellent ). You need to give a more balanced reply, how many Franchisees failed with Belvoir and others ( % ) wise so that there is a better understanding of their success? I guess you don’t know as you spend 10 hours a day trawling through webchat/ Companies House and testing Ewemove on failures. You didn’t reply to my previous n]message to you saying if Ewemove were ‘unprofessionalism ‘ why would over 12,000 clients comment about them being the NO 1 Trusted Agent via Trustpilot and why have Ewemove won National Awards in Sales and Lettings…..are we the best out of a bad bunch ( from your comments)……..

    Your comments are so boring and repetitive with no sole purpose……


    What business do you know includes potential risks as part of the recruitment message?

    Risks are discussed openly prior to both parties deciding whether to work together just as they were with me.

    What I keep coming back to us why is it such a deep burning issue for you that at each occasion possible, even when it’s not even relevant do you choose to try and discredit a business that is performing well?

    Anyways I’ll leave you to your HMCH scrawling that you seem to enjoy so much. Must be tiring though being so negative  : )

  5. Hillofwad71

    Well if you think Ewemove campaign is balanced think again
      Giotim .You will never make a head shepherd with a  singular  lack of empathy for the whole flock
    Trustpilot Reviews?
    You might like to ask  recent recruit Wapping Started on the  27th July Just taken his maiden instruction.
       On the  28 th July 2 reviews appear
    “We are South African buyers for an investment property in the UK and Adrian assisted us with wonderfully. The experience was seamless and he offered efficient and professional service, and built trust even despite the virtual meetings. We made an offer after his great efforts to video call us and take us through the property as well as a detailed video with narrative. Being based in South Africa and investing without physical viewing is daunting but Adrian provided comfort, fairness and..”  
    “Adrian at Ewemove was excellent. He was proactive, honest and spent the time and effort to market my property well, resulting in a quick offer, which is not easy in the current London market.”
        Awards. Lucky they dont dish them  out for most franchisee  failures
    There have literally been a handful  of lost franchises at Belvoir and Winkworths -what  you would normally  expect
    Donovan “Risks discussed openly”
    You should be able to answer these questions then
    How many franchisees have been dissolved  and how many have had to sell their houses to pay off debts :
      What is the average deficit  and how many are carrying over £50k
        Just take a look at their Facebook page where they have recently been running a promotion for  Birmingham  Sheffield and Manchester encouraging entrants on the basis of a lack of supply
    Recent recruit Gosforth & Jesmond with 0 instruction is making this  misleading pitch
    “At EweMove Gosforth we help thousands of landlords get the best possible returns for their rental properties.”  
    Goitim I guess you would call that “professional”         

  6. GioTum

    Hilofwad you failed again with your reply :

    There have literally been a handful  of lost franchises at Belvoir and Winkworths -what  you would normally  expectDonovan “Risks discussed openly”

    Why spend so much time on One organisation when you can’t recall any stats for any other Franchise. you trying to be a smart ….


    Don’t worry what Franchisees decisions to take up a business , they make their own choices like many others in other fields, You can’t give any data for other Franchises and so you are not well informed. Focus on your fantastic empire. As an ex bankmamager I know the issues starting up new busniesses…take a deep breath and move on…….you’ll feel better as you have pent up anger/frustration ….

    1. Hillofwad71

        Which bit about  a “handful” dont you understand  less than 10 
         Indeed  you are correct  I have  spent a bit of time as I  couldn’t quite believe  the disconnect between the candy floss and the  carnagee at  street level  which you and Donovan are trying to minimise
      This is where you and I  differ  
        “Don’t worry what Franchisees decisions to take up a business ”  
          As an ex bank manager  you would think twice about lending money to a franchise where there is little  evidence of it being a saleable commodity  to a third party   
       If you think Wales was bad maybe take a look at Scotland EWEMOVE SCOTLAND  
      Edinburgh West – Wound up accounts showing a 6 figure deficit
      Hamilton Lasted 5 minutes before folding
      Glasgow North Running on empty with 0 instructions
      Aberdeen Last man standing  .
             As ever DYOR

  7. GioTum

    You are guessing its a ‘handful’ to may Ewemove look bad,,,you have no physical evidence ( as I’ve said previously ) just made up a ‘handful’……you are trying to make an bigger issue as ever. Read the Results recently, look at the Awards and Trust Pilot recognition…if you were right we would be bad at everything…….


    don’t think so………can’t wait for your next informative boring messages…….


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