The property franchise group, Belvoir Lettings, is looking like it will become the UK's largest property franchise group after an agreement was struck to takeover Northwood GB in a deal estimated to be worth £22m.
Belvoir has conditionally agreed to purchase Northwood, which was established in 1995 and operates across 86 outlets across the country.
If the deal does go through then Belvoir will become the UK's largest property franchise with over 54,000 properties under management.
It's understood that the takeover will be partly funded through new shares that will raise gross proceeds of up to £2.5m.
According to executive chairman, Mike Goddard, the acquisition sits in line with the company's strategy to grow both organically and through acquisitions. It's also anticipated that the newly expanded company will be able to significantly increase the group's presence throughout the UK.
Belvoir Group hasn't ruled out further acquisitions in its efforts to grow the company.