National property specialist makes move into South West with double acquisition

A leading property franchise and financial services group has acquired two businesses in the South West for £2.1m.

Lincolnshire based Belvoir Group has announced that, in line with its continued growth strategy, it has acquired MAB South West, a financial services business for a cash consideration of £1m.

The deal follows the acquisition of BMA Bristol  in June of this year for £1.1m in cash.

BMA and MAB SW both trade as the Mortgage Advice Bureau and are appointed representative firms of Mortgage Advice Bureau, the wholly owned subsidiary of AIM-listed Mortgage Advice Bureau, one of the UK’s leading networks for mortgage intermediaries.

The acquisitions provide mortgage and related financial services to clients through a combined network of 41 advisers, all of whom are self-employed with MAB providing training, support, compliance, website and national marketing via the wider MAB brand.

With BMA based in Bristol and MAB SW based in Plymouth, Belvoir has extended its reach across the South West.

Belvoir has acquired the entire issued share capital of BMA and MAB SW, through its subsidiary Brook Financial Services, for a total net consideration of £2.1m, settled in cash from existing cash reserves.

Tim Wood, Brook’s financial services director, will manage both businesses, overseen by Michelle Brook, managing director of Brook and executive director of the Belvoir Group Board.

Last year MAB SW had revenue of £1.5m, pre-tax profits of £100,000 and net assets of £200,000.

In the year to 31 December 2022 BMA had revenue of £1.8m, pre-tax profits of £300,000 and net assets of £100,000.

The acquisitions are expected to add around £600,000 a year to group profit before tax.

The Belvoir Group operates through two divisions, property franchise and financial services from 487 locations nationwide offering a range of property-related services including lettings, property sales and mortgage advice.

The company has a track record when it comes to financial services acquisitions with acquired businesses in 2022 and 2023 accounting for 18 per cent of the financial services revenue growth in the first half of 2023.

The acquisitions bring Belvoir’s financial services network up to 321 advisers, which the board believes will enhance growth through accelerating the nationwide coverage of advisers who can support growth of the mortgage and re-mortgage business within its property franchise offices.

In addition, BMA operates a lead generating website,, which can be used to generate leads across the wider financial services network.

Dorian Gonsalves, chief executive of Belvoir, said: “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.

“The acquisitions have been secured during a more challenging phase of the property sector cycle which has been reflected in the price paid.

“However, the board is confident that given the strong client banks within these businesses, they can be developed further and be positioned to take advantage of future upsides in the new purchase and remortgage markets.”

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