Belvoir has struck an innovative eight-year exclusivity agreement with Dacres, the 20 office estate agency network based in Yorkshire, to deliver financial services.
The deal is expected to contribute £100,000 to Belvoir’s profits and is likely to increase Dacre’s current network of four advisers to 10 by the end of 2021.
"Our diversification into financial services is proving to be a real win-win … with growth arising from working with both our networks and independent agents. We are really excited to be taking on the financial services for Dacres” says Belvoir chief executive Dorian Gonsalves.
“Our financial services team based in Barnsley is well placed to support their network and is looking forward to working closely with their offices to build up the level of mortgage sales delivered to their clients” he adds.
Meanwhile Patrick McCutcheon, residential managing director of Dacres, comments; "Following a strategic review of our financial services offering undertaken in the spring of this year, we identified the financial services arm of Belvoir Group PLC as being a service provider with whom we would be very keen to work. We believe that their management share our values on customer service and growth, and can deliver what we require to satisfy our own internal needs as well as those of our valued customers.”
The announcement of the deal broke in a statement showing the success of the Belvoir Group’s diversification into financial services.
The franchise giant says that in 2016 the company had 13 financial advisers supporting around 20 of its Newton Fallowell branded offices operating under the Mortgage Advice Bureau umbrella and contributing £144,000 to the group's 2016 gross profit.
Following the acquisition of Brook Financial Services Ltd in July 2017 and MAB (Gloucester) Ltd in November 2018, the Belvoir Group now has 160 advisers operating across the North, the South West, the Midlands and Wales.
In the 10 months to October this Belvoir's financial services division has written 7,961 mortgages, recruited net 37 advisers (that’s up 30 per cent from December 2018) and contributed £1.9m of gross profit to the group's performance.