Belvoir Group PLC, the property franchise and financial services group, has announced the acquisition of MAB (South West) Ltd (“MAB SW”) for £1.0m in cash, as part of its ongoing expansion strategy.
This follows the Group’s acquisition of BMA Bristol Limited (“BMA”) in June 2023 for £1.1m. Both firms trade as Mortgage Advice Bureau and are appointed representative firms of Mortgage Advice Bureau Holdings plc (“MAB”).
With a combined network of 41 self-employed advisers, BMA and MAB SW provide mortgage and other financial services. The acquisitions extend Belvoir’s presence in the South-West, with BMA located in Bristol and MAB SW based in Plymouth.
Managed by Brook Financial Services Ltd, a subsidiary of Belvoir, both businesses will come under the supervision of Tim Wood, Brook’s financial services director, and Michelle Brook, managing director of Brook and executive director of the Belvoir Group PLC Board.
In terms of financial performance, MAB SW reported revenue of £1.5m, pre-tax profits of £0.1m, and net assets of £0.2m for the year ending 30 September 2022.
Meanwhile, BMA had a revenue of £1.8m, pre-tax profits of £0.3m, and net assets of £0.1m for the year ending 31st December 2022. The acquisitions are expected to add approximately £0.6m per annum to the Group’s profit before tax.
Belvoir operates 487 locations nationwide through its two divisions: property franchise and financial services. It offers a range of property-related services, including lettings, property sales, and mortgage advice.
The Group has demonstrated a strong track record in financial services acquisitions, contributing to 18% of the financial services revenue growth in the first half of FY2023.
The latest acquisitions bring the total number of advisers in Belvoir’s financial services network to 321. The Board anticipates that this will accelerate nationwide coverage, particularly benefiting the mortgage and remortgage business within its property franchise offices. Additionally, BMA operates a lead-generating website, www.pebblemortgages.co.uk, which is expected to serve the broader financial services network.
Dorian Gonsalves, chief executive officer of Belvoir, said: “We are delighted to announce the acquisitions of BMA Bristol and MAB (South West), extending our network of experienced financial advisers across the South-West.
“These acquisitions come during a challenging phase in the property sector, reflected in the acquisition price.
“Nevertheless, we are confident that given the strong client banks within these businesses, they present significant potential for further development and are well-positioned to capitalise on future upsides in the new purchase and remortgage markets.”
