The Belvoir Group has announced the acquisition of mortgage broker TIME.
The agency franchise and financial services brand has acquired the entire issued share capital of The TIME Group Limited, which trades as the Mortgage Advice Bureau, for £3.67m.
TIME provides mortgage and related financial services to clients through its network of 64 advisers, all but two of which are either self-employed or small businesses operating on a self-employed basis licensed to TIME.
The acquisition has been made through Belvoir’s Brook Financial Services subsidiary.
Tim Wood, Brook’s financial services director, will be managing the TIME business, overseen by Michelle Brook, managing director of Brook and executive director of the Belvoir Group PLC Board.
Between TIME and Brook, the financial services division will comprise 307 mortgage advisers.
Dorian Gonsalves, chief executive of Belvoir, said: "We are delighted to announce the acquisition of TIME, whose network of 64 mortgage advisers will entirely complement our existing financial services network, both in terms of the management infrastructure and geography, creating a total of 307 advisers operating under the Belvoir Group.
“The acquisition of TIME will extend our network of financial advisers to support both our franchisees at a local level, as well as servicing leads from independent agents.
“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. We would like to extend a warm welcome to the team at TIME to the Belvoir Group.”
Additionally, LSL has announced that Pivotal Growth Limited has acquired mortgage broker The Loan Partnership Limited, subject to approval of the change of control by the Financial Conduct Authority.
Pivotal Growth was established in April 2021 as a joint venture between LSL and Pollen Street Capital, to "buy and build" a leading national mortgage broker powered by market leading technology, first class regulatory compliance and exemplary customer service.