Belvoir Lettings lands £17m acquisition funding

Grantham-based Belvoir Lettings has strengthened its growth strategy by landing a £17 million refinance package from HSBC.

Following a number of acquisitions in recent years, Belvoir Lettings already has around 300 franchisee offices across the country and plans on using the HSBC loan to fund further acquisitions, in support of the group’s future growth plans.

The HSBC acquisition fund is part of a Revolving Credit Facility, which extends up to £17 million and includes £6.5 million refinancing of existing borrowing.

Louise George, chief financial officer at Belvoir Lettings, said: “When it came to providing the funding to support our immediate and longer-term growth ambitions, HSBC stepped in and offered the necessary facilities that were both competitive and flexible enough to meet our needs.

“Phil Carr, our relationship director at HSBC, went out of his way to understand our company, our franchising business model, the sector in which we operate and our future plans.”

Roger Pratt, HSBC area director for corporate banking in East Midlands, added: “The lettings industry is going through a period of consolidation with increasing regulations placing pressures on administrative tasks for smaller agencies.

“This is creating a greater need for a business like Belvoir Lettings. We’re delighted to welcome Belvoir to HSBC and look forward to supporting the business as it continues to push forward its ambitious acquisition strategy.”