Belvoir Group PLC (AIM:BLV) is acquiring The TIME Group Limited, an appointed representative of Mortgage Advice Bureau, in an earnings accretive deal that will cost it an initial £3.67mln.
The property franchise and financial services specialist has also agreed to pay an earn-out for TIME up to a maximum of £695,000.
Last financial year the business turned over £4.2mln and generated £630,000 in pre-tax profits. The deal will add 64 advisors to the Belvoir network, taking the total to 307.
"The acquisition of TIME will extend our network of financial advisers to support both our franchisees at a local level, as well as servicing leads from independent agents,” said Belvoir chief executive Dorian Gonsalves.
“This will in turn achieve greater penetration of financial services to the group's client base for the benefit of both individual franchisees and the group as a whole.”