Belvoir Group expands financial services portfolio with strategic acquisitions
LONDON, UK: Belvoir Group, a prominent UK property franchise and financial services Group, continues its growth trajectory with the acquisition of MAB (South West) Ltd (“MAB SW”), a financial services business, as part of its ongoing expansion strategy.
This follows the earlier acquisition of BMA Bristol Limited (“BMA”) in June 2023, solidifying the Group’s commitment to bolstering its financial services arm.
Belvoir Group has acquired MAB SW, a key player in the financial services landscape, for a cash consideration of £1.0 million. This move complements the earlier acquisition of BMA for £1.1 million in cash. Both acquisitions are aligned with Belvoir’s overarching growth plan.
BMA and MAB SW operate under the Mortgage Advice Bureau brand and function as appointed representative firms of Mortgage Advice Bureau (Holdings) plc (“MAB”), a leading network for mortgage intermediaries listed on AIM.
With 41 adept advisors working under this combined entity, these acquisitions facilitate mortgage and related financial services to clients. The advisors, who are self-employed, benefit from MAB’s comprehensive training, support, compliance, website, and national marketing resources.
Belvoir’s acquisition strategy extends its market reach. BMA operates in Bristol, while MAB SW is based in Plymouth, effectively broadening the Group’s presence across the South-West of the UK.
The total net consideration for the acquisitions is £2.1 million, funded from existing cash reserves. MAB SW reported £1.5 million in revenue, pre-tax profits of £0.1 million, and net assets of £0.2 million in the year to 30 September 2022. BMA, for the year ending 31 December 2022, reported revenue of £1.8 million, pre-tax profits of £0.3 million, and net assets of £0.1 million.
The acquisitions are anticipated to contribute positively to earnings, with an expected annual addition of around £0.6 million to Group profit before tax.
The Belvoir Group operates through property franchise and financial services divisions, with a strong nationwide presence. This acquisition adds to the Group’s already impressive financial services advisor count, enhancing the national coverage for supporting mortgage and remortgage business growth within its property franchise offices.
Dorian Gonsalves, Chief Executive Officer of Belvoir, expressed enthusiasm about the acquisitions, stating, “We are delighted to announce the acquisitions of BMA Bristol and MAB (South West), which extend our network of experienced financial advisers across the South-West, supporting both our franchisees at a local level, as well as servicing leads from independent agents.”
Despite the challenges posed by the property sector cycle, Belvoir’s strategic approach to these acquisitions demonstrates its commitment to future growth and value creation.
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