Acquisition of The TIME Group Limited

Belvoir

24/05/2022 07:00

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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                                     01476 584 900

 Dorian Gonsalves, Chief Executive Officer            investorrelations@belvoirgroup.com

 Louise George, Chief Financial Officer

 www.belvoirgroup.co (http://www.belvoirgroup.co) m

 finnCap                                                                        +44 (0) 20 7220 0500

 Julian Blunt, Teddy Whiley (Corporate Finance)

 Tim Redfern, Charlotte Sutcliffe (ECM)

 www.finncap.com (http://www.finncap.com)

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

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

 

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