The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBLV.L Regulatory News (BLV)

  • There is currently no data for BLV

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Acquisition of The TIME Group Limited

24 May 2022 07:00

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 £3,673,000 (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 £3,673,000, to be settled in cash from existing cash reserves, with an earn out of up to a maximum of £695,000 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 £4,182,000 and adjusted profit before tax of £630,000. 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

Dorian Gonsalves, Chief Executive Officer

Louise George, Chief Financial Officer

www.belvoirgroup.com

 

 01476 584 900

investorrelations@belvoirgroup.com

finnCap

Julian Blunt, Teddy Whiley (Corporate Finance)

Tim Redfern, Charlotte Sutcliffe (ECM)

www.finncap.com

 

+44 (0) 20 7220 0500

Buchanan

Charles Ryland, Kim van Beeck

 +44 (0) 20 7466 5000

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 £29.6m in 2021 marking Belvoir's 25th year of unbroken profit growth.

For further information, please visit: www.belvoirgroup.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQFLFVREEIVFIF
Date   Source Headline
6th Oct 201511:33 amRNSDirector Dealing
6th Oct 20158:30 amRNSPosting of Circular
5th Oct 20157:00 amRNSProposed Placing and Acquisition
9th Sep 20157:00 amRNSInterim Results
13th Aug 201512:03 pmRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
13th Aug 201511:57 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
29th Jul 20157:00 amRNSDirector's Shareholding and Total Voting Rights
28th Jul 201512:15 pmRNSResult of General Meeting
22nd Jul 20154:08 pmRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
8th Jul 20157:00 amRNSProposed Placing and Acquisition
17th Jun 20157:00 amRNSBelvoir wins Lettings Franchise of the Year
16th Jun 20153:28 pmRNSHolding(s) in Company
28th May 20152:47 pmRNSResults of Annual General Meeting
15th May 20157:00 amRNSAcquisition of Lettings Agency in Bury
20th Apr 20152:51 pmRNSHolding(s) in Company
15th Apr 20157:00 amRNSPreliminary Results
10th Mar 201510:00 amRNSHolding(s) in Company
11th Feb 201510:35 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
10th Feb 20152:44 pmRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
9th Feb 20152:42 pmRNSDealing by Director
3rd Feb 20157:00 amRNSPre close trading update
23rd Dec 20147:00 amRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
5th Dec 20147:00 amRNSAcquisition
18th Nov 201412:06 pmRNSDirector Dealing
20th Oct 20149:57 amRNSHolding(s) in Company
9th Oct 20147:00 amRNSAcquisition of Lettings Agency in Edinburgh
24th Sep 20147:00 amRNSGrant of Share Options
10th Sep 20147:00 amRNSInterim Results
3rd Sep 20141:17 pmRNSHolding(s) in Company
14th Aug 20147:00 amRNSNotification of Interim Results
8th Jul 20147:00 amRNSLetting Franchise of the Year award
7th Jul 20147:00 amRNSGrant of Share Options
4th Jul 20143:30 pmRNSAcquisition
2nd Jul 20147:00 amRNSTwo further acquisitions completed
17th Jun 201412:41 pmRNSDirector dealings
21st May 20147:00 amRNSTrading Update And Board Changes
17th Apr 201410:48 amRNSResults of Annual General Meeting
26th Mar 20147:00 amRNSFull Year Results
21st Mar 201410:15 amRNSBoard Changes
13th Mar 201411:08 amRNSHolding(s) in Company
12th Mar 20147:00 amRNSYear end trading update and Notice of Results
3rd Jan 20143:25 pmRNSHolding(s) in Company
3rd Jan 20143:23 pmRNSHolding(s) in Company
2nd Jan 20148:53 amRNSHolding(s) in Company
31st Dec 20137:00 amRNSTotal Voting Rights
18th Dec 20133:28 pmRNSHolding(s) in Company
18th Dec 20131:37 pmRNSDirector/PDMR Shareholding
16th Dec 201310:27 amRNSResult of General Meeting
29th Nov 201312:21 pmRNSHolding(s) in Company
29th Nov 20137:00 amRNSAcquisition of significant lettings portfolio

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.