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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Belvoir Group Plc | LSE:BLV | London | Ordinary Share | GB00B4QY1P51 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 279.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBLV
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 GBP3,673,000 (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 GBP3,673,000, to be settled in cash from existing cash reserves, with an earn out of up to a maximum of GBP695,000 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 GBP4,182,000 and adjusted profit before tax of GBP630,000. 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 01476 584 900 Dorian Gonsalves, Chief Executive Officer investorrelations@belvoirgroup.com Louise George, Chief Financial Officer www.belvoirgroup.co m finnCap Julian Blunt, Teddy Whiley (Corporate Finance) Tim Redfern, Charlotte Sutcliffe (ECM) www.finncap.com +44 (0) 20 7220 0500 Buchanan +44 (0) 20 7466 5000 Charles Ryland, Kim van Beeck
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 GBP29.6m in 2021 marking Belvoir's 25(th) year of unbroken profit growth.
For further information, please visit: www.belvoirgroup.com
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May 24, 2022 02:00 ET (06:00 GMT)
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