Belvoir buys out MAB's largest key account
Added: (Tue Nov 27 2018)
Pressbox (Press Release) -
Belvoir CEO Dorian Gonsalves has today announced the successful acquisition of MAB (Gloucester) Limited to become the largest Mortgage Advice Bureau (MAB) key account. This follows Belvoir’s acquisition of Brook Financial Services in July 2017, another top MAB key account, and enlarges the Group’s national footprint to 364 offices across the UK.
“MAB is one of the UK’s leading networks for mortgage intermediaries,” says Dorian. “Buying this very successful business is a continuation of Belvoir’s growth strategy, and this acquisition, in combination with the previous acquisition of Brook, represents 10% of MAB’s total mortgage adviser base, comprising 127 mortgage advisers, operating out of 64 offices.
“As announced to the London Stock Exchange earlier today, this was a £3.6 million acquisition and Michelle Brook, MD of Brook, will be managing Belvoir’s entire financial services division, overseen by Mark Newton, Belvoir Executive Director, and Louise George, Belvoir Chief Financial Officer.
“Belvoir is becoming firmly established in the estate agency business, completing on over 6000 sales each year, with estate agency not having yet been rolled out across the whole network. Franchisees of the Belvoir Group, which has over 300 High Street offices and is a multi-brand franchise that includes Northwood and Newton Fallowell, will now have the ability to ‘build a business within a business’ by either utilising the services of an existing mortgage adviser or having their own new adviser on-site. Some of our existing individual mortgage advisers are already writing over £250,000 of new business on an annual basis and this lucrative income stream not only creates new revenue for our franchisees, but it also enhances the value of a franchise when the owner decides to sell and realise the value of their asset.
“The Belvoir Group is a network of highly professional and dedicated franchisees, many of whom have been with us for 15-20 years, including our very first franchisee, whose businesses continue to thrive and grow. Our franchisees’ longstanding and personal relationships with their clients enable them to continually provide the very best products and services on the market, including thousands of mortgage and high quality mortgage advice, either face to face or on the telephone.
“Belvoir is now able to handhold clients through every stage of the lifetime of their property journey, right through from initial purchase for either investment or residential purposes, ongoing property management, specialist wealth management, re-mortgaging and sales.
“This year has been one of tremendous achievement for Belvoir in terms of acquisitions, and our Assisted Acquisition Programme for franchisees has been extremely successful, exceeding £6 million in turnover nationwide. By the end of 2018 Belvoir will have acquired 26 businesses, expanded our managed portfolio by 4,211 and established three important new territories, with new franchisees. Our plans for next year are well under way, and we are already discussing many more exciting new acquisition opportunities for 2019.”
ENDS
NOTES TO EDITORS
• Belvoir was founded in February 1995 by Mike and Stephanie Goddard. Its Central Office is in Grantham, Lincolnshire. Mike is currently Belvoir’s Non-Executive Chairman. Eric Walker is the Belvoir Group Managing Director.
• Belvoir is recognised as the largest property franchise network Group on the High Street, with over 364 offices nationwide.
• Belvoir was officially awarded the Best Lettings Agency Franchise – Gold Award at the 2016, 2015, 2014, 2013, 2012 and 2010 Lettings Agency of the Year Awards in association with The Sunday Times & The Times.
• Belvoir won the Franchise/Network of the Year at the Negotiator Awards 2017.
• Belvoir was voted Best Large Lettings Chain at the Estate & Letting Agent Awards (ESTAs) 2013, and won Silver in 2014, 2015, 2016, and 2017 with Bronze in 2018.
• Belvoir is a founder member of the SAFEagent Kitemark scheme, which is fully supported by NALS. SAFEagent promotes client money protection (CMP) and provides consumers with a clear message on those agents they should do business with.
• Belvoir successfully listed on the AIM market of the London Stock Exchange on 21st February 2012.
For further information or to arrange an interview with Dorian Gonsalves please contact Andrea McHugh, Headlines Journalism, tel: 01476 567438/07940 930 331, email: andrea@headlinesjournalism