Belvoir has announced to the stock market that 12 of its franchisees have completed on acquisitions worth collectively over £2m so far this year.

Further acquisitions are in the pipeline and Belvoir is actively looking for more.

Belvoir itself contributed £322,000 of the £2.116m funding required, through its assisted acquisition programme which was publicised in a series of roadshows to franchisees earlier this year.

Of the 12 purchases, six were by Belvoir franchisees, five by Northwood franchisees and one by a Newton Fallowell business.

The acquisitions, which are in London, Epsom, East Horsley, Newbury, Trowbridge, Hereford, Telford, Hinckley, Lincoln, Bolton and Oldham, have increased network revenue by £1,732,000.

Together, the acquisitions will increase management service fees, Belvoir’s main revenue stream from its franchisees, by £188,000 in a full year and £83,000 in the current financial year.

Interest receivable from the part funding is another source of income for the group. The group will receive a further £29,000 a year in interest from these latest deals.

Belvoir now has 57,637 properties under management following the addition of 1,310 from these latest acquisitions. Its network consists of over 300 offices.

Dorian Gonsalves, CEO of Belvoir, said: “I am delighted that our networks have been very active, supported strongly by available financing and resource from our central office operations.

“The assisted acquisition programme has contributed significantly to Belvoir’s continued growth over recent years and we now expect to exceed the additional network revenue from acquisitions set by the board for 2017.

“We have further such deals currently with lawyers and other opportunities under review, with the aim of enabling our franchisees to benefit from consolidation in the sector.

“Belvoir is here to support our franchisees’ entrepreneurial growth ambitions, which will benefit the group and our shareholders alike.”

Belvoir made the stock market announcement yesterday morning ahead of its interim results, due to the unveiled next Tuesday.

Yesterday afternoon Gonsalves said that the assisted acquisition programme has been a major growth strategy.

He said: “Our acquisition team, led by Martin Bunney, provides fantastic support to franchisees throughout the entire process.

“This support includes sourcing potential acquisitions and matching them to interested franchisees, checking compliance, assisting with terms, finding the funding, negotiating the deal, and ultimately helping to deliver the outcomes that allow our franchisees to take full advantage of their market position.

“I can confirm that further acquisition deals and opportunities are in the pipeline and I would encourage any independent agents who are considering their exit strategy to contact Belvoir ‘s acquisition team for a confidential discussion about what mutually beneficial opportunities may be available.”

Clayton and Nina Foston, of Belvoir Nuneaton and Hinckley, are among those to have made an acquisition – in their case, Easy Lets and Sales, in Hinckley, Leicestershire.

Clayton Foston said: “This will add a further 300 fully managed properties to our existing portfolio of in excess of 450, making us the most significant agent in the area.

“We are now on the lookout for a new site that will be fit for the next decade, and we are delighted that Graham Phipps, who was the former owner of Easy Lets and Sales, has joined our team as sales manager, bringing with him significant experience in this area.”

He said he and his wife were helped with the process every step of the way, and he called on other franchisees in the Belvoir network to “be brave in these challenging times”.