Belvoir snaps up mortgage advisory group in £3.7m deal

Grantham-based property firm Belvoir Group has bought The TIME Group in a deal worth almost £3.7m.

TIME, which trades as the Mortgage Advice Bureau, is an appointed representative firm of Mortgage Advice Bureau, the subsidiary of AIM-listed Mortgage Advice Bureau (Holdings).

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 with MAB providing training, support, compliance, website and national marketing via the wider MAB brand. The TIME adviser network extends across the north of England and the Midlands.

For the year ended 31 July 2021, TIME generated revenue of almost £4.2m and adjusted profit before tax of £630,000.

Dorian Gonsalves, chief executive officer, Belvoir commented:

“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.”