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LONDON (Alliance News) - Property franchise Belvoir Lettings PLC said on Tuesday it has acquired MAB (Gloucester) Ltd, a subsidiary of AIM-listed Mortgage Advice Bureau (Holdings) PLC for GBP3.6 million in cash.
MAB (Gloucester) provides mortgage and related financial services to clients through a network of business partners and mortgage advisers.
Belvoir will acquire the business through its subsidiary Brook Financial Services Ltd, with the acquisition paid for in cash by drawing down on debt facilities.
For 2017, MAB (Gloucester) reported a pretax profit of GBP467,000 and revenue of GBP3.1 million. The acquisition is expected to be immediately earnings accretive to Belvoir.
"We are delighted to announce the acquisition of MAB Glos, whose network of 63 business partners will entirely complement our existing network of 300 property franchisees, both in terms of the management infrastructure and the cross-selling opportunities, creating a total of 364 offices, including Brook, operating under the Belvoir Group. We believe that the acquisition of MAB Glos will provide the basis for developing a network of financial advisers to support our franchisees at a local level, in addition to the existing mortgage advice services delivered centrally by Brook," said Chief Executive Officer Dorian Gonsalves.
In addition, Belvoir said that current trading within the second half of 2018 has been in line with expectations.
Shares in Belvoir Lettings were up 4.0% at 92.00 pence on Tuesday.