Belvoir to acquire Nottingham Mortgage Services

Property franchise Belvoir Group has exchanged contracts to acquire Nottingham Mortgage Services, a wholly-owned subsidiary of the Nottingham Building Society, for a total consideration of £600,000.

Belvoir said on Wednesday that the acquisition, satisfied in cash from existing resources, was scheduled for completion on 31 July and was expected to be immediately earnings accretive.

The AIM-listed group noted that NMS reported revenues of £1.74m and an operating profit of £255,000 in 2020, with a current year projected operating profit of £175,000.

Chief executive Dorian Gonsalves said: "This is a significant step for Belvoir as we extend our partnership with The Nottingham and enable the continuation of mortgage advice to their members and to new members in the BeeHive Money app through our team of MAB (Mortgage Advice Bureau) advisers.

"Our strategic alliance is embedding really well across the network for estate agency and together we can help people not only find their new home but also fund it with the right mortgage for them."

As of 0835 BST, Belvoir shares were up 1.01% at 249.0p.