TPFG and Belvoir merger completes

Belvoir’s shares were temporarily suspended yesterday after the high court approved its high profile merger with The Property Franchise Group.

This paved the way for the deal to complete and the new combined brand to start trading yesterday afternoon.

TPFG and Belvoir announced in January that their boards have approved a merger, which was last month approved by shareholders.

It would see TPFG takeover the share capital of Belvoir.

The deal values each Belvoir share at approximately 277.4p, comprising an equity value of Belvoir's entire issued ordinary share capital of approximately £103.5 m and TPFG's entire issued ordinary share capital at £111m.

Belvoir Shareholders will hold approximately 48.25% and TPFG shareholders will hold approximately 51.75% of the enlarged issued share capital of TPFG.

The merger will form a £214m market cap company and one of the UK’s largest multi-brand lettings and estate agency groups, combined with a growing financial services business.

The move means Belvoir’s Jon Di-Stefano and Paul George and Michelle Brook have joined the TPFG board as directors.

Richard Martin, founder of TPFG and Phil Crooks, a non-executive director, have stepped down.

Dorian Gonsalves, chief executive of Belvoir, and chief financial officer Louis George, are also expected to step down from their roles and board positions but will remain with the merged business for 12 months following completion.