EYE NEWSFLASH: TPFG and Belvoir unveil plans to merge

The Property Franchise Group (TPFG) has just announced a recommended all-share merger of Belvoir Group PLC with The Property Franchise Group PLC to create a major property franchise business.

The combined group will have a market cap of approximately £214.4m and will benefit from increased scale with more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties per annum.

Key points:

+ The boards of The TPFG and Belvoir announce that they have reached agreement on the terms and conditions of a recommended all-share merger of Belvoir and TPFG to create a leading property franchise business.

+ The Combined Group would have a market cap of c £214.4m, if the merger has been completed as at the Latest Practicable Date.

+ Under the terms of the Merger, each Scheme Shareholder will be entitled to receive: for each Belvoir Share : 0.806377 New TPFG Shares

+ Upon completion of the merger, Belvoir shareholders will hold approximately 48.25% and TPFG shareholders will hold approximately 51.75% of the enlarged issued share capital of TPFG.

+ The combined group will benefit from increased scale with more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties per annum.

+ In 2022 TPFG and Belvoir together generated in excess of £60m in combined revenue (of which, 41% was recurring), mgmt. service fees of £27m and adj. EBITDA of £22.5m.

+ Both companies are aligned in their strategy. The TPFG Board sees Belvoir as a complementary business, having performed at a similar financial level to TPFG over the last decade with consistent growth, good earnings quality and strong conversion of EBITDA into cash.

+ The combined group board will comprise contribution to the enlarged Board from both companies: with three executive directors: Gareth Samples (TPFG CEO), David Raggett (TPFG chief Financial officer) and Michelle Brook (Belvoir executive director), with Paul Latham (TPFG) as the Combined Group’s Chair and non-executive directors Dean Fielding, Claire Noyce, Jon Di-Stefano and Paul George.

Paul Latham, non-executive chairman of TPFG, said: “I am delighted to confirm that we have reached an agreement with the Belvoir Board and major Belvoir Shareholders on the Merger with Belvoir. We believe that the Merger represents a compelling opportunity for all shareholders.

“Belvoir brings further breadth through its nationwide network and a financial services business which will be complementary to our current offering. The Merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the Combined Group.”

Jon Di-Stefano, non-executive chairman of Belvoir, commented: “The merger of Belvoir and TPFG combines two businesses with much in common, each supporting a network of entrepreneurial franchises, and will create one of the UK’s largest multi-brand lettings and estate agency groups combined with a growing financial services business.  With their complementary geographic footprints providing both scale and diversification across a variety of high street and hybrid brands combined with high levels of recurring revenue, we feel sure that the Combined Group will provide a robust platform from which to grow.”



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  1. Bless You

    So whose buying who out?

  2. FranchisePrison

    It’s actually good in a way, the bigger the better and they can be easier exposed by franchisees for the horrible tactics to suppress franchisees. A group of 900 can take them down together!

    1. Isa B Agent

      You have been whining like a wet sock for years.

      If life is really that bad, why don’t you go and get a job? They need a medal for putting up with you.

      1. FranchisePrison

        That’s the point, you can’t! I wish I could. You’re stuck with them until some mug wants to take your business on or they take it for free.

        [Sentence removed as it breached posting rules]

        1. Hampshire Agent

          Don’t get the negativity. If you can’t make it work with the support of TPFG, then you would never make it on your own. It sounds like you regret your life choices, which is a shame, but that is on you, not the franchisor. Instead of whining on, perhaps you should roll up your sleeves and do some business, that way you would have something to sell so you could go and get that job you so wish for.

  3. Southie

    The majority of franchisees are all in the same locations and are competing against each other. This is short term gain for someone, presumably the directors and controlling shareholders?

    Having so many brands competing against each other can only lead to them turning on each other like wolves and long-term damage to the business. For those of you old enough think of BMC/British Leyland with the same cars under different brands constantly fighting each other for smaller and smaller resources

  4. Whaley

    Wow that’s the big one, only January but hard to see that being beaten in 2024.

    Whereas famously so many of the big names have been struggling these two have bucked the trend over the last few years and clearly had a strong message to send to the market.

    The scale they’ve now got is immense which will mean better deals for the business and that will flow to the franchisees getting economies of scale that they themselves as smaller independents couldn’t get.

    They’ve got some fantastic people in both businesses so that experience is going to be appreciated too. Hat’s off getting over the line, must have been very complicated.

  5. GreenBay

    Looks to me like TPFG is effectively absorbing Belvoir. Look at who has the prime board positions.
    Good luck Belvoir, not sure what your franchise agreement is like but if any of it is better than the current TPFG agreement, it will be brought into alignment at the next renewal!
    You will probably get less and pay more.
    And as far as any benefits to the franchisees, forget it. This is purely to boost profit and share price for the shareholders, the franchises are just a necessary evil.
    Good luck and hold onto your hats!

    1. FranchisePrison

      Agreed. Poor old Ewemove lost all of their USPs when they joined the group. So many have gone bust and no one gives a ****


        I don’t think we’ve lost our USP’s since becoming part of TPFG. If anything we’ve gone from strength to strength.

        I think the direction we’ve taken in the last 6/7 years is another level compared to pre-takeover. That’s with no disrespect to the founders but I don’t think as a brand we’d be in the strong market position we find ourselves in today if still under that leadership.

        Are you part of the network (EweMove), if so I think you’d see clearly that people do give a S#*T.

        Sounds as though you’re considering an exit yourself. If you’re in my market (Yorkshire) I’m looking to acquire a lettings book…


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