Belvoir seals deal for Goodchilds

Lettings franchise Belvoir Lettings has sealed a £3.26 million deal that will see it buy out Wolverhampton estate agents Goodchilds.

The company is to raise £3.6 million through the sale of 3.1 million new shares to help fund the deal for the Wolverhampton-based firm, which has offices in Brownhills, Cannock, Lichfield, Rugeley, Stafford, Telford and Walsall, plus Wednesfield, Wednesbury and Wolverhampton.

The 16 new outlets will give Belvoir an estate of 211 offices around the country.

Chief executive Mike Goddard said: "We are delighted to be announcing the acquisition of Goodchilds.

"This is an exciting milestone in Belvoir's growth, considerably expanding the size of the Group.

"Following the acquisition of the Newton Fallowell business in July, this acquisition marks further success in pursuing our multi brand strategy in order to increase market share and geographic coverage. Goodchilds is a clear strategic fit and we are looking forward to welcoming their franchise owners to the group."