Lincolnshire-headquartered property franchise giant Belvoir Lettings has announced the acquisition of the Gloucester arm of Mortgage Advice Bureau for £3.6m.
The listed company has snapped up MAB (Gloucester) through its subsidiary Brook Financial Services.
MAB Glos, which trades as Mortgage Advice Bureau, is the largest appointed representative firm of the wholly owned subsidiary of AIM-listed, Derby-headquartered Mortgage Advice Bureau (Holdings).
MAB Glos provides mortgage and related financial services to clients through its network of 63 business partners.
Michelle Brook, managing director of Brook, will manage the whole financial services division overseen by Mark Newton, executive director of Belvoir Lettings.
The financial services director, Tim Wood, and all four business development managers are to stay within the MAB Glos business.
For the year ended 31 December 2017, based on unaudited financial statements, MAB Glos generated revenue of £3m and pre-tax profits of £467,000.
Belvoir chief executive Dorian Gonsalves said: “We are delighted to announce the acquisition of MAB Glos, whose network of 63 Business Partners will entirely complement our existing network of 300 property franchisees, both in terms of the management infrastructure and the cross-selling opportunities, creating a total of 364 offices, including Brook, operating under the Belvoir Group.
“We believe that the acquisition of 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.
“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.
“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.”
Source: Insider Media