County letting agent’s stock exchange bid

A LINCOLNSHIRE letting agent is looking to raise up to £8 million by joining the AIM market of the London Stock Exchange.

Belvoir Lettings, which has branches in Boston and Sleaford, wants to increase its number of offices from 142 to more than 200 by 2016.

Chairman Mike Goddard said: “The UK lettings industry has displayed steady growth through a difficult economic time and Belvoir has been at the forefront of this growth.

“It is one of the UK’s largest lettings franchises and has remained consistently profitable over the last five years. We believe an AIM listing is the best means to continue building on this momentum by increasing public awareness of the Belvoir brand and recognition of the group, as well as raising the profile of the group with its franchisees and their customers.”

The company posted a £20million turnover in the year ending December 31, 2010, and more than doubled its turnover from £8.7 million in 1995 to £20 million in 2010.

Belvoir says there are currently three million privately rented properties on the market in England, about 14 per cent of all households. That figure has soared by nearly 40 per cent in the past decade.