Belvoir Group, a leading property-letting company in the U.K., has recently acquired financial services group MAB (South West) for a cash deal worth £1.0 million ($1.3 million).
Expanding the Mortgage Advice Bureau Subsidiary
MAB (South West) will join BMA Bristol, which Belvoir Group acquired in June for £1.1 million. Both companies operate under the Mortgage Advice Bureau brand, a subsidiary of AIM-listed Mortgage Advice Bureau (Holdings).
Despite the challenges faced by the property sector, Chief Executive Dorian Gonsalves expressed confidence in the potential of these new acquisitions. He believes that leveraging their strong client banks, these businesses can be further developed and positioned to benefit from future growth in the purchase and remortgage markets.
Brook Financial Services Takes the Helm
The transactions were facilitated through Belvoir’s subsidiary, Brook Financial Services. Tim Wood, the Financial Services Director, has been appointed to manage both MAB (South West) and BMA Bristol. Overseeing these businesses will be Michelle Brook, Managing Director of Brook Financial Services and an executive director on Belvoir’s board.