(Alliance News) - Belvoir Group PLC on Tuesday said it bought Time Group Ltd in a GBP3.7 million deal.
Shares in the Lincolnshire, England-based property franchise company were 5.3% higher at 257.95 pence each in London on Tuesday mid-afternoon.
Belvoir has acquired the entire issued share capital of Time for an initial cash consideration of GBP3.7 million. Belvoir made the purchase through its subsidiary Brook Financial Services Ltd.
Time is a wholly-owned subsidiary of AIM-listed Mortgage Advice Bureau Holdings PLC. It provides mortgage and related financial services to clients across the north of England and the Midlands.
For the year ended July 31, Time reported revenue of GBP4 million and adjusted pretax profit of GBP630,000.
The acquisition is expected to be immediately earnings accretive. Belvoir said that it expects an earn out of up to GBP695,000 based on pretax profit for year ended July 31.
Chief Executive Dorian Gonsalves said: "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."
By Sophie Rose; sophierose@alliancenews.com
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Mortgage Advice Bureau (MAB1)