Belvoir Lettings PLC (LON:BLV) said Brook Financial Services has reported £570,000 of net written business in the two months since its acquisition, which is up 57% on October and November 2016.
In a statement, Belvoir - the UK's largest property franchise group – said Brook’s net written business is also running at over 40% ahead of the average business achieved in the first seven months of 2017, prior to being acquired by the group.
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Brook was acquired by the group in July 2017 for a total consideration of £2.0mln with a view to achieving “materially greater penetration of Belvoir’s client base and increasing the financial services fees generated on property sales across all of Belvoir’s multi-brand networks. “
The firm said Brook currently has three new mortgage advisers in training and is actively recruiting further advisers to provide additional capacity.
It added that, to date, the focus has been on the group’s predominantly estate agency network, Newton Fallowell, with Brook now working with 17 offices within that network where previously no financial services had been offered.
Of the 39 Newton Fallowell offices, including 8 which had existing arrangements, 66% now offer financial services and other mortgage related products.
In addition, Brook has continued to grow its portfolio of independent estate agents which act as introducers to it.
Increased revenue in line with acquisition projections
Belvoir said Increased revenue resulting from a greater number of policies being written and a higher case value is being reported in line with the group’s projections as at acquisition.
Dorian Gonsalves, Belvoir’s CEO, commented: “The roll out to the Newton Fallowell offices is underway and from January 2018, Brook will start to work with some of the more sales-focused Belvoir and Northwood offices. This is a key strategy for growth for both our franchisees and the Group.”
He added: “The recent significant growth, against the background of falling mortgage approvals as the housing market is perceived to be cooling overall, is evidence of Brook’s ability to outperform the market.”