Belvoir has this morning announced that it has acquired MAB Glos, part of the Mortgage Advice Bureau.
The £3.6m deal, done through Belvoir’s subsidiary Brook, gives the franchise agency group a much bigger mortgage and financial services component than before.
Belvoir’s trading statement this morning says that MAB Glos provides mortgage and related financial services to clients through 63 business partners; these operate in a way similar to a franchise network, using individuals or small businesses operating on a self-employed basis licensed to MAB Glos.
There are 88 mortgage advisers operating across the MAB Glos network which is currently based primarily in the Midlands, the South West and Wales.
The Belvoir Group currently comprises 300 property franchise offices nationwide, managing over 61,000 properties and undertaking over 6,000 property sales per year; and 39 mortgage advisers within Brook offering mainly remote/telephone mortgage advice.
Between MAB Glos and Brook, acquired in July 2017, the financial services division will comprise 127 mortgage advisers, which represents over 10 per cent of the 1,100 MAB adviser base, operating out of 64 offices.
Belvoir says the acquisition will benefit the agency side in two ways:
- the ongoing recruitment of mortgage advisers to achieve nationwide coverage will be accelerated through property franchisees offering a lead source based, depending on the level of business, in franchise offices or shared between adjacent offices; and
- the offer to customers will be enhanced “by giving them access to thousands of mortgage deals through access to either remote/telephone or face to face high quality mortgage advice, which importantly, will continue throughout the lifetime of the relationship with the client and not just when their mortgage completes.”