Belvoir Lettings Plc announces acquisition of Brook Financial Services Limited
BELVOIR LETTINGS PLC announced yesterday 13th July 2017: Acquisition of Brook Financial Services Limited, update on trading & Board changes.
Belvoir Lettings plc announced that it has acquired the entire issued share capital of Brook Financial Services Limited for a total consideration of £2.0 million. Brook, which trades as Mortgage Advice Bureau, is an appointed representative of AIM-listed Mortgage Advice Bureau (Holdings) plc, one of the UK’s leading networks for mortgage intermediaries, providing mortgage and related financial services to clients from leads generated through its relationships with MAB, independent estate agents and from its own client base.
The Company announced they had an encouraging start to the year with trading currently in line with the Board’s expectations. A further update will be provided at the time of Belvoir’s Interim results due to be announced on 5 September 2017.
The Company also announced that Mike Goddard, founder, Executive Chairman and Chief Executive Officer will be standing down as Chief Executive Officer as of today, but will continue to play an active role in the business as Chairman. Dorian Gonsalves, currently Chief Operating Officer, will take over the role of Chief Executive Officer with immediate effect.
Mike Goddard, Chairman, Belvoir commented:
“We are delighted to be announcing the acquisition of Brook. 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.
Also, with effect from today, I have stepped down from my role as Chief Executive Officer but will continue as Chairman. 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.”
Michelle Brook, MD, Brook commented:
“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.”
Read the Belvoir Lettings Plc announcement 13th July 2017 in full click here.
For purposes of research please refer to the announcement on the Belvoir Lettings website.
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