A record level of growth has been reported by Belvoir Group PLC.

The UK property franchise and financial services group, which has branches in Gloucester and Cheltenham, saw revenue increase by 37 per cent in the year ending December 2021.

Income generated by sales totalled £29.6million, a record level, compared to £21.7million in 2020, with 12 per cent from acquired businesses and 25 per cent from like-for-like growth.

The figures from its annual report and accounts mark 25 years of unbroken profit growth with an increase of 39 per cent before tax to £9.3m (2020: £6.7m)

Other highlights include a growth in management service fees of 18 per cent to £10.7m (2020: £9.1m) and net debt reduced by 65 per cent to £1.3m (2020: £3.7m) This is despite the firm spending £4.4m on the mortgage advisory arm of The Nottingham Building Society and Nicholas Humphreys, a national network of 20 offices specialising in student lettings.

Figures show there was a continued strong lettings bias reflected in gross profit ratio of 56 per cent from lettings, 19 per cent sales: 20 per cent financial services and 5 per cent other.

The company, which is headquartered in Grantham, Lincolnshire, has an office in Bath Road, Cheltenham headed by director Neil West and Worcester Street, Gloucester. It is headed by Anthony Stick, director of sales and lettings, who recently commented on the pressures created by such a competitive property market . 

Belvoir's annual report said in 2021 it hired 23 new mortgage advisors, bringing the total to 245 and opened 45 new offices, bringing its network to 463.

Its managed portfolio increased from 65,065 to 72,900 (12 per cent), its written mortgages from 12,094 to 16,585 (37 per cent) and number of house sales from 8,003 to 12,320 (54 per cent).

Dorian Gonsalves, CEO of Belvoir, said: "2021 was the busiest year for our sector in recent times with residential property sales transactions at their highest level since 2007, which boosted both our growing estate agency and financial services businesses.

"We worked closely with our property franchisees and financial services advisers to ensure that they were best placed to respond to the strong market conditions, which drove significant organic growth of 25%.

"Since the year end, the Group has added a home-based agency network to its stable of property franchise brands, demonstrating the board's ongoing commitment to identifying suitable acquisition targets to support Belvoir's continued growth.

"Given our significant recurring and reliable lettings revenue stream and our substantial financial services client base to draw upon during what is currently a strong market for remortgages, we remain confident that we will continue to perform well relative to the market as a whole, and that our business model and growth strategy will continue to deliver enhanced value for all our stakeholders."