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Gloucestershire Business News

Letting it rip as aggressive takeover planned

Belvoir has approached one of its main competitors The Property Franchise Group (TPFG) - whose brands include Martin & Co - regarding a possible merger.

However, Ian Wilson, CEO of TPFG, says that while the approach from the lettings and estate agents firm had been "dressed up as a merger, it is a takeover bid", the Property Industry Eye has reported.

Both Belvoir and Martin & Co have offices in Gloucester and Cheltenham.

The Belvoir board has expressed disappointment that the TPFG board have declined to enter into a dialogue, as they had previously indicated a willingness to engage with Belvoir.

A statement said: "The Belvoir board strongly believe that now is exactly the time for such industry consolidation and that a more broadly based multi-franchise group will be better positioned to leverage the opportunities in the sector and that the shareholders of the respective companies are looking for such leadership."

The Belvoir statement said the £33.7m merger would involve TPFG's shareholders receiving a combination of shares in Belvoir and cash.

It says that Belvoir has a "strong preference" to implement the merger, which would be in the best long-term interests of both companies and their respective holders, reported the Eye.

TPFG's brands include Martin & Co, Ellis & Co, C J Hole, EweMove, Parkers and Whitegates. Belvoir's group includes Newton Fallowell, Northwood, Goodchilds and Belvoir itself.

A merger would create a new super group of 683 offices.

Wilson told Eye that the approach was "completely unacceptable".

"Our chairman owns 44% of the company and I own 6% so that is 50% of the company that we own between us. If we don't want to accept the offer, that's it."

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