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Brook Financial Services Limited acquired for £2m

Belvoir Lettings

Belvoir Lettings has acquired the entire issued share capital of Brook Financial Services Limited for a total consideration of £2m.

The property franchise has acquired the appointed representative of Mortgage Advice Bureau (Holdings) PLC (MAB) as Belvoir looks to increase its revenue.

Brook will continue its long-term relationship with MAB, while leveraging its expertise to introduce new mortgage products and services to the Belvoir Group.

Michelle Brook, founder and sole shareholder and director of Brook, will continue working full time as the managing director of the company.

She said: "The acquisition today of Brook by Belvoir represents a significant milestone for the business and provides the opportunity to grow sales of financial service products within the Belvoir group.  

“Brook has a fantastic team of experienced advisers and a solid support structure operating within the Mortgage Advice Bureau network from which the Belvoir Group will benefit."

The Belvoir board believed that the focused approach operated by Brook will allow it to achieve materially greater penetration of Belvoir’s client base and increase the financial services fees generated on property sales across all its networks.

Brook will allow Belvoir’s brands to increase further the revenue from estate agency-related services and mitigate some of the impact of the upcoming ban on tenant fees.

Belvoir also hopes that Brook will make immediate inroads into the group’s main estate agency network, Newton Fallowell, by increasing the number of mortgage advisers to service their substantial house sale transactions.

"We are delighted to be announcing the acquisition of Brook,” said Mike Goddard, chairman of Belvoir.

“Having focused on growth plans to create an enlarged group of franchise networks and offices over the past two years, the acquisition of Brook will enable both individual franchisees and the group to benefit from greater penetration of its client base and the increased revenue arising from the sale of financial services associated with property sales across all group networks.”

Belvoir also revealed that Mike would be stepping down as CEO, but remaining as chairman, with Dorian Gonsalves taking over with immediate effect.

Mike added: “Having worked closely with Dorian Gonsalves as chief operating officer for over 13 years, I have every confidence that he has the necessary experience and vision to take the group into the next phase of its strategic growth across the UK.

“I look forward to continue working with him in his new role."


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