Belvoir has reported strong trading in the first half of this year.
In an update to the City, the UK’s largest property franchise business said that both revenue and operating profit were “comfortably ahead” of the same period last year.
It said its network remained the same size, with 300 offices, but that there had been a 5% increase in management service fees, the revenue stream for head office.
There was growth in both sales and lettings, despite a backdrop of falling transactions and the introduction of the tenant fees ban on June 1.
Belvoir CEO Dorian Gonsalves said: “The board was very encouraged by trading during the first half of 2019 with our franchise model proving to be resilient to changes in the sector and our diversification into financial services providing an additional revenue stream for both our franchisees and the group.
“We have seen positive results both from our property franchise and our financial services networks, and are confident that the group is well positioned to take advantage of the opportunities arising from a more challenging market.”
Belvoir’s shares closed about 3% down yesterday, at 110p.
Comments (6)
Jesus this guy is just boring me hijacking ever PIE story with EweMove bashing, give it a rest it’s not even comparable comparing a 22-year-old established business like Belvoir with a 5-year-old business disrupter doing great things like EweMove. If you can go back and compare Belvoir aged 5 to EweMo today I might be interested in reading your balanced comments… Otherwise, Yawn Go Away!
Well I agree -Nothing is comparable to what has been happening at Ewemove . The disconnect between what the HS is saying and what is happening at the gate
Everything is rosy in the garden whilst 23 franchisees slipped out of the gate in just over a year and that is ignoring previous casualties
You show a singular lack of concern for your profession if you find this accepetable
You might find it boring that these individuals have suffered the losses I see it as a tragedy that they are still suckered in
In january 2018 HS said
“The industry as a whole is continuing to face a number of challenges, but whilst other agencies are reporting stagnation and recurring profit warnings, we’re not only seeing our network grow in numbers month by month, but we’re witnessing the continued profitability of our franchisees across the UK.”
Keyser Soze in May 2018 puts up a list of Ewemove franchisees who were displaying their wares on Zoopla Comment 18
https://v3.propertyindustryeye.com/ewemove-looks-to-round-up-a-whole-new-flock-of-local-property-agents/
A staggering 23 franchisees on that list have vanished, gone, kaput who have contributed to the”star performers” revenue since then
The weasel words SOME DON’T MAKE IT doesn’t ;touch the sides
“The online agency, which was bought by TPFG in 2016 from its founders, has been the star of the lettings-dominated franchising giant for some time now.”
Or so the press release leads us to believe The devil is in the detail Not very good for the failed franchisees who contributed !! Not very good at all or for those currently running on empty increasing personal debts to service HQ
Short term policy
Gone are the £20k tickets
Not a lot of revenue from LPPS with under 10 instructions
Some poor franchisee in the East been going 14 months and has 1 instruction and 2 sales this year
“A good shepherd shears his sheep, he doesn’t flay them”. Tiberius
No further revenue coming from the recently failed franchisees at Pudsey .Poole Bolton North Stevenage Altrincham Salford Bournville Cardiiff Croydon Streatham Laindon Park Park Bicester Redhill* Reigate Barnsley Oxford Buckingham Stroud Doncaster ,
Suffering the loss for HQ’s gain Surely you can’t think that is good business
Big holes in Manchester W Midlands and London Where is the queue of franchisees fiiling the gaps
Compare that to Belvoir who are creating a businesss for the long term
Hats off to Belvoir with another robust update
Refreshing to see that this has been achieved without losing any franchisees,Cant be easy for some with tenants fees ban but no doubt the BODS are looking after all their flock
“Winco” Goodard and Gonslaves unlikely to be saying “Some don’t make it”if at all possible
The Head shepherd at Ewemove could do no worse by taking a leaf out of Belvoirs mentoring and recruitment book.
Maybe then the wave of failures can be slowed.A number of frarnchisees currently trading where deficits and creditors increasing year on year with few instructions .Urgentaly in need of some shepherding
Read,lack of knowledge once again …… good for Investors :))
https://thenegotiator.co.uk/ewemove-helps-parent-company-tpfg-achieve-record-revenues/?fbclid=IwAR3WDheEio6YvrvoBwQrlN3Ra1P_st7wJfp3-RrCILUxS_ivLDGbX4WkoSw