STOPPRESS
The Orkney Leasing team with Amjed Rasul
Belvoir expands into the Orkney Islands
Estate and lettings agency Belvoir has announced the expansion of its Inverness franchise through the acquisition of Orkney Leasing.
Amjed Rasul, owner of Belvoir Inverness, has added 200 properties to his portfolio. The acquisition was partially funded through Belvoir’s expansion policy, which provides funds to franchise owners for acquisition opportunities.
“This was a unique opportunity, located in
the commercial centre of Orkney in the town of Kirkwall,” said Amjed, who joined Belvoir in 2007. “Orkney is a place that is very dear to me, and I always dreamed that one day I would end up here, although I could never have predicted how it would happen! “The support I received from Belvoir central office has been outstanding. Everyone, including the management team, acquisition team and the auditors were fantastic. I must also thank my team in Inverness, who helped
Franchise Brands confident for the future
Franchise Brands has said it is confident for the future after announcing its maiden interim results.
The Kidderminster-based group, which has a network of more than 320 franchises in 12 countries, reported revenues of £2.5million for the six months to June 2016, up from £2.25million a year earlier.
Started in 2008 by the former chief executive of Domino’s Pizza, Stephen Hemsley, Franchise Brands’ two main brands are car bodywork repair business ChipsAway and domestic oven cleaning service Ovenclean, who are both continuing to trade well.
The company has also said that Brexit has had no discernible effect on franchisee recruitment or trading.
Stephen commented: “I am pleased to be
reporting our maiden interim results following the group’s successful initial public offering (IPO).
“A key objective set out at the time of the IPO was to expand the group through targeted acquisitions of high quality franchise businesses and we are actively reviewing a number of opportunities, leaving us hopeful that we will be able to announce our first transaction shortly.”
make this possible, and our new colleagues in Orkney, who have been very supportive of the changes. I am now looking forward to taking this acquisition forward, and growing the business into an even more successful venture that will serve the people of Orkney. I will also continue to look for further acquisition opportunities in the future.” Belvoir’s managing director, Dorian Gonsalves, said: “I am delighted for Amjed. It is superb that after building a successful letting business in Inverness with a strong client base and fantastic reputation, he has taken the bold move to acquire a business in Kirkwall, which covers all of the Orkney Islands. Our dream is for Belvoir to offer a lettings service to landlords in all parts of the UK and this really is pushing the boundaries even further!”
Stephen Hemsley and Nigel Wray Franchisor News | 7
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