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  • Mal McCallion

Mortgage wars - brokerages on the block

Updated: Nov 2, 2023

Belvoir Group expands in South West with two broker acquisitions, boosting its financial services network.

Belvoir Group, the franchise estate agency firm, is making waves in the South West with two new acquisitions. The Grantham-based company has purchased two brokers in the region that represent the London-listed firm, Mortgage Advice Bureau.


It's an interesting time to make such an acquisition, as mortgage approvals are at a 5-month low - there is clearly an eye on grabbing market share in the downturn, so that benefits accrue when the market comes back (as it always does).

Belvoir has acquired Plymouth-based MAB (South West) Ltd for £1m, following a £1.1m purchase of BMA Bristol Ltd in June. The acquisitions were made through Belvoir's subsidiary, Brook Financial Services, with a total net consideration of £2.1m, funded from existing cash reserves.

Tim Wood, Brook's financial services director, will manage both businesses, under the watchful eye of Michelle Brook, managing director of Brook and an executive director on Belvoir’s board.

The two new additions to Belvoir's portfolio provide mortgage and related financial services to clients through a network of around 40 advisers. In the year leading up to September 2022, MAB SW reported revenue of £1.5m, pre-tax profits of £0.1m, and net assets of £0.2m. BMA had revenue of £1.8m, pre-tax profits of £0.3m, and net assets of £0.1m in the year to December 2022.

Belvoir's board expects the acquisitions to immediately boost the group’s earnings, adding around £0.6m to annual pre-tax profits. The deals have increased Belvoir's financial services network to about 320 advisers.

Founded in 1995, Belvoir now operates a nationwide property franchise group with almost 500 offices nationwide. They specialise in residential lettings, property management, residential sales, and property-related financial services. The group manages 75,500 properties and reported record revenues of £33.7m in 2022, marking its 26th consecutive year of profit growth.



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