Belvoir buys mortgage broker as founder steps down

Belvoir has bought mortgage broker Brook Financial Services for £2 million in a deal which will see the franchise agency pay £1.5 million in cash plus £500,000 in ordinary shares. Brook, which trades as Mortgage Advice Bureau and is the appointed UK representative of the PLC with the same name, is one of the UK’s leading referral networks for mortgage intermediaries. Its client list includes many independent estate agents across the UK. Brook, which is based in Barnsley has 32 staff, says it will “leverage its expertise to introduce new mortgage products and services to the Belvoir Group”. The company was set up in 2010 by Michelle Brook (pictured left). She is the sole shareholder and has worked in the financial services industry for over 30 years. “The acquisition today of Brook by Belvoir represents a significant milestone for the business and provides the opportunity to grow sales of financial service products within the Belvoir group.  Brook has a fantastic team of experienced advisers and a solid support structure operating within the Mortgage Advice Bureau network from which the Belvoir Group will benefit.” Brook turned over £1.6 million during its last audited year of trading and made a profit of…