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Gloucestershire Business News

County mortgage advice firm sold in £3.6 million deal

A multi-million-pound deal has seen a Gloucestershire mortgage business bought by one of the country's leading estate agents.

A name usually associated with Gloucestershire estate agency business The Property Centre, MAB Glos is now part of the 300-strong nationwide property franchise business Belvoir.

Belvoir, which has an office in Worcester Street in Gloucester, has bought the Quedgeley-headquartered Mortgage Advice Bureau Gloucester for £3.6 million through its subsidiary, Brook.

Anthony Stick, a director of the city business, said: "The purchase of Property Centre's mortgage business is fantastic news for our customers.

"As local independent offices of the UKs 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."

It will mean a change of employer for the 88 mortgage advisers in the MAB Glos network.

Dorian Gonsalves, chief executive officer for Belvoir 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, creating a total of 364 offices, including Brook, operating under the Belvoir Group.

"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.

"This will give our existing property franchisees the ability to 'build a business within a business' by either utilising an existing MAB Glos mortgage adviser or taking on their own new adviser on-site.

"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."

The Belvoir Group manages more than 62,000 properties handling more than 6,000 property sales per year.

It already has 39 mortgage advisers within Brook and the deal takes it total to 127 operating out of 64 offices.

Read more: Deal makes biggest property letting business even bigger 

Punchline says: The deal comes after yesterday's news that Gloucestershire-based CGT Lettings has taken over the All About Property company, a deal which revealed the firm is also gearing up to enter the estate agency business. The industry is readying itself ahead of the forthcoming Tenant Fees Bill, expected to have a major impact on the sector.

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