Belvoir buys mortgage advice service for £3.6 million
The Mortgage Advice Bureau (MAB) Gloucester has been bought by national lettings and estate agency Belvoir in a deal worth £3.6 million.
Previously working alongside estate agency the Property Centre, the MAB Gloucester have joined property franchise Belvoir. The mortgage advice service was bought through Belvoir’s subsidiary Brook, whose Managing Director, Michelle Brook, will maintain control of the financial services division.
Anthony Stick, Director of the Gloucester branch of Belvoir, said: "The purchase of Property Centre's mortgage business is fantastic news for our customers. As local independent offices of the UK’s largest Property Franchise Group, the Gloucester and Cheltenham branch have already noticed an uplift in demand for property valuations and landlord re-mortgages since the takeover."
Belvoir handles over 62,000 properties and oversees over 6,000 sales each year. With the acquisition of MAB Gloucester, Belvoir will manage 364 offices including Brook, as part of the Belvoir Group.
Dorian Gonsalves, Belvoir’s CEO said: "We are delighted to announce the acquisition of MAB Glos, whose network of 63 business partners will entirely complement our existing network of 300 property franchisees, both in terms of the management infrastructure and the cross-selling opportunities”.
The MAB Gloucester will contribute much to the company, having observed a period of growth in the last three years with the workforce of mortgage advisors expanding from 32 to 88, all of whom will now be employed by Belvoir Property Management UK. With this expansion, Belvoir will employ 127 advisors across 64 different offices.
Gonsalves now aims to build the brand at its local offices: “We believe that the acquisition of MAB Glos will provide the basis for developing a network of financial advisers to support our franchisees at a local level, in addition to the existing mortgage advice services delivered centrally by Brook.”
With MAB Gloucester under its wing, the Belvoir Group looks forward to a productive future, paving the way to further develop the brand at its franchises across the country.
Alice Tuffery, Point Franchise ©
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