Belvoir has bought the fast-growing licenced partner arm of financial adviser giant Mortgage Advice Bureau for £3.6 million, part of its efforts to enable franchisees to expand their income from selling mortgages.
The business being purchased is MAB Glos, which is the largest appointed representative of parent group Mortgage Advice Bureau Plc with 63 partners.
MAB Glos has being growing fast over the past couple of years increasing revenue, profits and its pool of partners dramatically, including a 26% increase in turnover so far this year.
Like Belvoir franchisees, its partners are self-employed advisers or small businesses that are licenced to MAB Glos which in return provides training, support, compliance, website and national marketing via the wider Mortgage Advice Bureau brand.
Belvoir has bought the company via its financial services arm Brook Financial, which also trades under the Mortgage Advice Bureau marketing umbrella. Belvoir bought Brook in July last year and has appointed its MD Michelle Brook and Belvoir board director Mark Newton to manage the new combined operation.
Added to Brook’s operation, MAB Glos gives Belvoir over 127 mortgage advisers to monetise mortgage and other financial product leads provided to them by Belvoir franchisees.
Belvoir says the acquisition is also part of a strategy to establish a national network of mortgage advisers able to offer both face-to-face and online/telephone financial advice both in-branch and independently.
“This [deal] 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,” says Belvoir CEO Dorian Gonsalves (pictured, left).