logo-loader
viewBelvoir Group PLC

Belvoir Lettings strengthens mortgage broking division with £3.6mln West Country buy

MAB Glos will be the springboard for Belvoir to establish mortgage coverage across the whole of UK

House
MAB Glos made healthy profits in the past twelve months

Belvoir Lettings PLC (LON:BLV) has strengthened its mortgage broking operation Brook Financial with the acquisition of MAB (Gloucester) Limited for £3.6mln net in cash.

MAB Glos is the largest appointed representative firm of AIM-listed Mortgage Advice Bureau PLC (LON:MAB1), one of the UK's leading networks for mortgage intermediaries.

WATCH: Belvoir Lettings acquisition of MAB Gloucester is a 'win-win' says CEO Gonsalves

Belvoir intends to use MAB Glos to extend its mortgage advice business across the country using its existing lettings office network to boost penetration of financial services into Belvoir's client base.

Dorian Gonsalves, chief executive, said following the acquisition the group will total 364 offices, including Brook, operating under the Belvoir Group.

“MAB Glos will provide the basis for developing a network of financial advisers to support our franchisees at a local level, in addition to the existing mortgage advice services delivered centrally by Brook.

Michelle Brook, the head of Brook Financial, will run the enlarged mortgage arm with all four of MAB Glos's business development managers staying on.

MAB Glos has a network of 63 Business Partners, who operate on a self-employed basis licensed with Mortgage Advice Bureau providing support, a website and marketing.

Its network is currently based primarily in the Midlands, the South West and Wales and in the 12 months to August generated revenue of £3.87mln and a profit before tax of £575,000.

Over the past three years, the number of mortgage advisers within the MAB Glos network has grown from 32 to 88, of which 22 have joined in 2018.

These additional advisers are expected to boost business further in 2019 and 2019.

Belvoir added that trading has continued well and is in line with market expectations.

“This will give our existing property franchisees the ability to 'build a business within a business' by either utilising an existing MAB Glos mortgage adviser or taking on their own new adviser on-site.”  

 

Quick facts: Belvoir Group PLC

Price: 115.99 GBX

AIM:BLV
Market: AIM
Market Cap: £40.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Belvoir Group PLC named herein, including the promotion by the Company of Belvoir Group PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Belvoir 'continuing to outperform both UK lettings and sales...

CEO of Belvoir Group  (LON:BLV), Dorian Gonsalves tells Proactive London the company's latest numbers are impressive for a reason. Not only did Belvoir enjoy a strong start to the year with first half profits up 19% but they actually benefitted from new government regulations involving...

on 3/9/19

RNS

Holding(s) in Company

3 weeks, 6 days ago

Holding(s) in Company

3 weeks, 6 days ago

Holding(s) in Company

4 weeks, 1 day ago

Director/PDMR Dealing

4 weeks, 1 day ago

Close of Accelerated Bookbuild

4 weeks, 1 day ago

Interim Results

on 3/9/19

2 min read