Two leading estate agency brands, Belvoir and The Property Franchise Group (TPFG), have announced a merger agreement. This all-share union is set to establish a combined entity valued at £214 million. The merger will see Belvoir shareholders receiving 0.806377 of a new Property Franchise Group share for each share they currently own. This arrangement values Belvoir’s shares at 277.4 pence each, totalling an equity value of approximately £103.5 million. The Property Franchise Group’s equity is valued at around £111.00 million.

The merged entity is expected to manage a portfolio of 152,000 properties across the UK and will collectively sell more than 28,000 properties annually. The merger is anticipated to be finalized in the first quarter of 2024. Currently, Belvoir is headquartered in Grantham, Lincolnshire, while Property Franchise Group operates from Bournemouth, Dorset. Upon completion, the merged company will have an extensive network with over 930 property franchise locations.

The new company’s board will feature key executives from both firms, including Property Franchise Group CEO Gareth Samples and CFO David Raggett, along with Belvoir Executive Director Michelle Brook. The chair of the new company will be Paul Latham from the Property Franchise Group.

This strategic move is expected to create one of the UK’s largest multi-brand lettings and estate agency groups, further strengthened by a growing financial services business. This merger combines the strengths of both companies, known for supporting networks of entrepreneurial franchises, and promises to be a significant step forward in the UK property market.