Belvoir buys out the Nicholas Humphreys network
05 May • Belvoir
In keeping with its multi-brand acquisition growth strategy, the Belvoir Group has today announced the acquisition of White Kite Holdings 2021 Limited, and its two subsidiaries, White Kite Limited and Nicholas Humphreys Franchise Limited (collectively referred to as ‘Nicholas Humphreys’).
Nicholas Humphreys operates a national network of estate and letting agents, trading through 18 franchised and three corporate-owned offices and is a full member of the British Franchise Association.
Speaking of Belvoir’s latest acquisition, CEO Dorian Gonsalves said: "We are delighted to welcome the Nicholas Humphreys network to the Group. This acquisition again demonstrates Belvoir’s commitment to delivering on its strategic objective of investing in successful franchise businesses that are aligned with our multi-brand franchise model, where there is scope for further growth as part of the Belvoir Group. With its bias towards lettings, the Nicholas Humphreys business is underpinned by a strong recurring revenue stream, whilst offering the opportunity to roll out Belvoir’s existing expertise in sales and financial services across the network. Having funded the acquisition from cash reserves, it will be immediately earnings accretive, driving enhanced returns for our shareholders.
“Since founding the business in 1998, Nick Humphreys has built up a very successful sales and lettings network, particularly in the student lettings market, adding a portfolio of 6,510 managed units to the Group. We are confident that this acquisition will provide fantastic opportunities for Nicholas Humphreys’ franchisees to develop the sales and financial services side of their businesses.
“It is just 15 months since Belvoir acquired the Lovelle network and feedback from their franchisees since that time has been incredibly positive, as the business is now in a much stronger position, thanks to Belvoir’s support and investment. We intend to provide similar support and investment to the Nicholas Humphreys network. The Nicholas Humphreys brand will remain intact, and their existing franchise support team will be enhanced by additional support from Belvoir’s Central Office undoubtedly to the benefit of all franchisees, staff and clients.”
Nick Humphreys, Managing Director, commented: “I would like to take this opportunity to thank our franchisees and staff for their part in building Nicholas Humphreys into the recognised brand that it is today. I have known for some time that Belvoir would be the right home for the Nicholas Humphreys network. Belvoir has the experience of both lettings and franchising to provide the necessary professional support to our franchisees and I look forward to seeing the network flourish as part of the Belvoir Group.”