Belvoir Lettings plc has strengthened its growth strategy having an acquisition related loan facility from HSBC that’s component of a refinance package together with the bank of up to 17m.
Headquartered in Grantham, Lincolnshire, Belvoir Lettings operates great britain’s largest high-street franchised network of residential lettings and auctions and aims to accelerate business growth in the purchase of additional franchises and property-related service companies.
Following several acquisitions lately, Belvoir Lettings already has around 300 franchisee offices throughout the country and intentions of when using the HSBC loan to finance further acquisitions, to get the group’s future growth plans.
The HSBC acquisition fund belongs to a Revolving Credit Facility, which extends nearly 17m and includes 6.5m refinancing of existing borrowing.
Louise George, Chief Financial Officer at Belvoir Lettings, said: “When it came to offering the funding to support our immediate and longer-term growth ambitions, HSBC stepped in and offered the desired facilities that have been both competitive and versatile enough to fulfill our needs.
“Phil Carr, our Relationship Director at HSBC, decided of his approach to understand we, our franchising enterprize model, the sector wherein we operate and our future plans. Phil’s team also guided us in the procedure of moving our banking to make certain that the onboarding was as streamlined as you can.”
Roger Pratt, HSBC Area Director for Corporate Banking in East Midlands, said: “The lettings information mill going through a time of consolidation with increasing regulations placing pressures on administrative tasks for smaller agencies. This can be making a greater necessity for a company like Belvoir Lettings. We’re happy to welcome Belvoir to HSBC and show off forward to supporting this company mainly because it carries on push forward its ambitious acquisition strategy.”
The funding and bank refinance was based on bank acting lawyer Oliver Morgan of Pinsent Masons, Belvoir acting lawyer Shaun McCabe of Browne Jacobson, and Simon Hall of BDO LLP pertaining to Financial Due groundwork.