Belvoir has snapped up a regional mortgage provider for £1m.

It’s acquired MAB (South West) Ltd and follows the earlier acquisition of BMA Bristol Limited for £1.1m.

BMA and MAB SW both trade as the Mortgage Advice Bureau and are part of a wholly owned subsidiary of AIM-listed Mortgage Advice Bureau (Holdings), one of the UK’s leading networks for mortgage intermediaries.

The two acquisitions provide mortgage and related financial services to clients through a combined network of 41 self-employed advisers, with MAB providing training, support, compliance, website and national marketing via the wider MAB brand. 

Belvoir says that with BMA based in Bristol and MAB SW based in Plymouth, the firm has extended its reach across the South-West.

In the year to September 30 2022 MAB SW had revenue of £1.5m, pre-tax profits of £0.1m and net assets of £0.2m. In the year to 31 December 2022 BMA had revenue of £1.8m, pre-tax profits of £0.3m and net assets of £0.1m. 

The acquisitions are expected to add around £0.6m annually to group profits before tax.

The Belvoir Group operates through two divisions, property franchise and financial services from 487 locations nationwide offering a range of property-related services including lettings, property sales and mortgage advice. The group has strong form with financial services acquisitions with acquired businesses in 2022 and 2023 accounting for 18 per cent of the financial services revenue growth in the first half of FY2023.

The acquisitions bring Belvoir’s financial services network up to 321 advisers; in addition, BMA operates a lead-generating website, www.pebblemortgages.co.uk, which can be utilised to generate leads across the wider financial services network.

Belvoir chief executive Dorian Gonsalves says: “We are delighted to announce the acquisitions … which extend our network of experienced financial advisers across the South-West, supporting both our franchisees at a local level, as well as servicing leads from independent agents.

“The acquisitions have been secured during a more challenging phase of the property sector cycle which has been reflected in the price paid. However, the Board is confident that given the strong client banks within these businesses, they can be developed further and be positioned to take advantage of future upsides in the new purchase and remortgage markets.”