Belvoir (BLV) signed an 8 year exclusivity agreement with Dacres, one of the north of England's largest independent estate agents, to deliver financial services to their extensive client base.
The AIM listed property franchise group has been diversifying into financial services, acquiring Brook Financial in 2017, and MAB Gloucester in 2018.
Belvoir said that the agreement with the 20 office estate agency network based in Yorkshire is expected to contribute to £100,000 in operating profit in the first year, and could grow from four advisers to ten in the next two years.
Dorian Gonsalves, CEO, commented; "Our diversification into financial services is proving to be a real win-win for the Group with growth arising from working with both our networks and independent agents."
He added: “We are really excited to be taking on the financial services for Dacres. Our financial services team based in Barnsley is well placed to support their network and is looking forward to working closely with their offices to build up the level of mortgage sales delivered to their clients."
Shares in Belvoir rose 2.97% to 121.5p during Thursday morning trading
Patrick McCutcheon, Residential MD of Dacres, commented; "Following a strategic review of our financial services offering undertaken in the spring of this year, we identified the financial services arm of Belvoir Group PLC as being a service provider with whom we would be very keen to work.”
He added: “We believe that their management share our values on customer service and growth, and can deliver what we require to satisfy our own internal needs as well as those of our valued customers. We are looking forward to engaging fully and working with the Belvoir Group team to drive our mortgage proposition to even greater heights."
Belvoir Group has 160 advisers operating across the North, the South West, the Midlands and Wales.
Belvoir’s financial services division has written 7,961 mortgages, contributing £1.9 million of gross profit to the Group's performance.
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