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Gloucestershire Business News

Belvoir's financial arm delivers profitable year

Property company Belvoir Group recorded a 26 per cent rise in profits in its financial services division in 2020.

And the UK's largest property franchise, which has branches in Gloucester and Cheltenham, has topped the milestone of 200 advisers - the total of 202 representing a rise of 22 per cent on 2019.

The latest trading update from the company showed a 13 per cent annual rise in revenue to £9.6million as profit before tax was reported at £1.8million.

Around 45 per cent of the group's lettings and estate agencies are offering financial services - up from 95 to 141 during 2020.

Chief executive Dorian Gonsalves said: "Reaching 200 financial advisers was an ambitious goal for any normal year, but the challenges of 2020 made the achievement all the more remarkable.

"Furthermore, a 26 per cent increase in profit on 2019, and indeed a doubling of profitability since the businesses were acquired, is an outstanding performance."

He continued: "In 2017, the board identified financial services as a good means of diversification and a valuable additional revenue stream for both its franchisees and for the group as a whole, and this has proved to be the case."

The company's full annual trading update is due later this month.

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