Agency chain shows benefit of financial services diversification

Franchise giant Belvoir has issued a statement to shareholders emphasising the success of its financial services wing.

The Belvoir Group established its financial services division in 2017 with the acquisition of Brook Financial Services Ltd, a team of 32 advisers. This was followed in 2018 by the acquisition of MAB (Glos) Limited, adding a further 88 advisers. 

By the end of 2018, the financial services division was operating 123 advisers - now it has 202 in 95 locations across the UK.

The company has told its investors that in 2020, despite the challenges presented by Covid-19, revenue from the financial services side was 13 per cent up on 2019 at £9.6m. Profit before tax, provisionally reported at £1.8m, was 26 per cent up.

Belvoir says its growth has been based on pairing agency franchisees and financial advisers to work together by introducing new mortgage products and financial services. 

Some 141, around 45 per cent, of Belvoir agency branches are now offering financial services through a Brook financial adviser, up from 95 offices at the end of 2019.  

Belvoir chief executive Dorian Gonsalves says: "Our acquisition strategy continues to focus on bringing on board relatively small successful businesses where there is scope for greater growth as part of the Belvoir Group.  

“This has been demonstrated by the acquisition of four additional franchise networks to the Belvoir Group since 2015, the most recent being Lovelle at the start of 2020, and the acquisition of Brook and MAB (Glos) to provide the platform for our growing financial services division.”