Belvoir acquires The TIME Group
By David Wood | 24th May 2022
UK property franchise and financial services group Belvoir Group has acquired The TIME Group, which trades as the Mortgage Advice Bureau.
In line with its continued growth strategy, Belvoir has acquired the entire issued share capital of TIME for an initial cash consideration of £3,673,000.
TIME is an appointed representative firm of Mortgage Advice Bureau, the wholly owned subsidiary of AIM-listed Mortgage Advice Bureau (Holdings) plc (MAB), one of the UK's leading networks for mortgage intermediaries.
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, based on unaudited financial statements, TIME generated revenue of £4,182,000 and adjusted profit before tax of £630,000. Within the past three years, the number of mortgage advisers within the TIME network has grown from 46 to 64.
The Belvoir Group currently comprises 363 property franchise offices nationwide, including those in Gloucester and Cheltenham. The offices manage 72,900 properties, and a financial services network of 243 mortgage advisers. In 2021 the Group undertook 12,320 property sales and arranged 16,585 mortgages.
Dorian Gonsalves, chief executive officer, Belvoir said: "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."
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