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Agencies & People

Belvoir reports £500,000 jump in financial services profits despite Covid

The group's three-year-old financial services arm Brook/MAB saw its profits jump by 26% last year.

Nigel Lewis

belvoir

The growing financial services division of Belvoir beat the lockdown-induced economic slowdown last year including year-on-year jumps in revenue and profits.

Brook Financial Services, which was purchased in 2017 and then bolstered by the addition of a MAB franchise the year after, is Belvoir’s relative late move to add a centrally-organised financial services string to its estate agency franchisee’s bow.

45% or 141 of its branch network now offers mortgages and other financial products via Brook and its team of advisors working within branches has now increased from 123 two years ago to 202 today.

Revenue and profits

In 2020, despite the challenges presented by Covid-19, revenue its financial services arm was 13% up on 2019 at £9.6m (2019: £8.5m), and profit before tax, provisionally reported at £1.8m (2019: £1.3m), was 26% up on the prior year.

This profit represents an uplift of 100% from the businesses since acquired, and a return of 32% on the £5.6m investment in the two original businesses.

Belvoir is also offering its financial services capability to independent estate agents, and recently signed up an undisclosed 20-branch agency in Yorkshire.

Only two agencies in Yorkshire have 20 branches – Linley & Simpson and Dacre, Son & Hartley.

Link to Interview with Dorian GonsalvesDorian Gonsalves, CEO (pictured), says: “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% increase in profit on 2019, and indeed a doubling of profitability since the businesses were acquired, is an outstanding performance.”

Belvoir is to update the City on its full 2020 performance at the end of the month.

January 12, 2021

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