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RNS Number : 5069M
Belvoir Group PLC
24 May 2022
This announcement contains inside information.
24 May 2022
BELVOIR GROUP PLC
(the "Company" or "Belvoir" or "Group")
Acquisition of The TIME Group Limited
Belvoir Group PLC (AIM: BLV), a leading UK property franchise
and financial services Group, is pleased to announce that in line
with its continued growth strategy, it has acquired the entire
issued share capital of The TIME Group Limited ("TIME") for an
initial cash consideration of GBP3,673,000 (the "Acquisition"). The
Acquisition is expected to be immediately earnings accretive.
Background on TIME
TIME, which trades as the Mortgage Advice Bureau, is an
appointed representative firm of Mortgage Advice Bureau, the wholly
owned subsidiary of AIM-listed Mortgage Advice Bureau (Holdings)
plc ("MAB"), one of the UK's leading networks for mortgage
intermediaries.
TIME provides mortgage and related financial services to clients
through its network of 64 highly motivated advisers, all but two of
which are either self-employed or small businesses operating on a
self-employed basis licensed to TIME with MAB providing training,
support, compliance, website and national marketing via the wider
MAB brand. The TIME adviser network extends across the north of
England and the Midlands, and fits very well into Belvoir's
existing network of advisers.
Further details of the Acquisition
Belvoir has acquired the entire issued share capital of TIME,
through its subsidiary Brook Financial Services Ltd ("Brook"), for
net initial consideration of GBP3,673,000, to be settled in cash
from existing cash reserves, with an earn out of up to a maximum of
GBP695,000 based on profit before tax for the year to 31 July 2022.
Tim Wood, Brook's Financial Services Director, will be managing the
TIME business, overseen by Michelle Brook, Managing Director of
Brook and Executive Director of the Belvoir Group PLC Board.
Financial information on TIME
For the year ended 31 July 2021, based on unaudited financial
statements, TIME generated revenue of GBP4,182,000 and adjusted
profit before tax of GBP630,000. Within the past three years, the
number of mortgage advisers within the TIME network has grown from
46 to 64.
Group strategy
The Belvoir Group currently comprises 363 property franchise
offices nationwide, managing 72,900 properties, and a financial
services network of 243 mortgage advisers. In 2021 the Group
undertook 12,320 property sales and arranged 16,585 mortgages.
Between TIME and Brook, the financial services division will
comprise 307 mortgage advisers. The Board believes that growth for
the Group will be enhanced through accelerating the nationwide
coverage of advisers who can support growth of the mortgage
business within our property franchise offices.
Dorian Gonsalves, Chief Executive Officer, Belvoir
commented:
"We are delighted to announce the acquisition of TIME, whose
network of 64 mortgage advisers will entirely complement our
existing financial services network, both in terms of the
management infrastructure and geography, creating a total of 307
advisers operating under the Belvoir Group.
"The acquisition of TIME will extend our network of financial
advisers to support both our franchisees at a local level, as well
as servicing leads from independent agents. This will in turn
achieve greater penetration of financial services to the Group's
client base for the benefit of both individual franchisees and the
Group as a whole.
We would like to extend a warm welcome to the team at TIME to
the Belvoir Group."
For further details:
Belvoir Group PLC 01476 584 900
Dorian Gonsalves, Chief Executive Officer investorrelations@belvoirgroup.com
Louise George, Chief Financial Officer
www.belvoirgroup.co m
finnCap
Julian Blunt, Teddy Whiley (Corporate Finance)
Tim Redfern, Charlotte Sutcliffe (ECM)
www.finncap.com +44 (0) 20 7220 0500
Buchanan +44 (0) 20 7466 5000
Charles Ryland, Kim van Beeck
Notes for editors:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir
operates a nationwide property franchise Group with 463 offices
across six brands specialising in residential lettings, property
management, residential sales and property-related financial
services. With its Central Office in Grantham, Lincolnshire, the
Group manages 72,900 properties and reported record revenues of
GBP29.6m in 2021 marking Belvoir's 25(th) year of unbroken profit
growth.
For further information, please visit: www.belvoirgroup.com
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