Real estate franchise and financial services group acquires mortgage advice network

UK property franchise and financial services group Belvoir Group has acquired The TIME Group, which operates as Mortgage Advice Bureau.

In line with its strategy of continued growth, Belvoir acquired the entire issued share capital of TIME for an initial cash consideration of £3,673,000.

TIME is an appointed representative company of Mortgage Advice Bureau, the wholly owned subsidiary of Mortgage Advice Bureau (Holdings) plc (MAB), one of the UK’s leading networks of mortgage intermediaries.

TIME provides mortgage and related financial services to its clients through its network of 64 advisers, all but two of whom are either self-employed or small businesses operating independently under license from TIME, with MAB providing national training, support, compliance, website and marketing through the broader MAB brand.

The TIME adviser network spans across the North of England and the Midlands.

For the year to 31 July 2021, based on unaudited financial statements, TIME generated revenue of £4,182,000 and adjusted profit before tax of £630,000. Over 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 across the country, 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 completed 12,320 property sales and arranged 16,585 mortgages.

Dorian Gonsalves, CEO of Belvoir, said: “We are delighted to announce the acquisition of TIME, whose network of 64 mortgage advisors will fully complement our existing financial services network, both in terms of management infrastructure and geography, creating a total of 307 advisors operating under Belvoir Group.

“The acquisition of TIME will expand our network of financial advisors to support both our local franchisees, as well as independent agent prospects. This in turn will enable us to achieve greater penetration of financial services with the group customers for the benefit of both the individual franchisees and the group as a whole.”