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.
Follow News & Updates from Belvoir here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Xpediator discuss the highs and lows from 2019 and what's to come in 2020. Cora Gold discuss their maiden resource at Sanankoro and also provides an update on Hummingbird Resources. Russ Mould talks about the Saudi Aramco IPO & OPEC's latest meeting.
ReNeuron said it was in ongoing discussions with other commercial third parties for potential out-licence deals and Chief Executive, Olav Hellebø, says he expects to announce further deals “in the months ahead.”
Lawrence Stroll, the billionaire owner of the Racing Point Formula One motor racing team, is said to be preparing to bid for a significant stake in Aston Martin, BP has increased its stake in the British solar venture Lightsource BP as it prepares to strike a deal to power its offices with renewable energy from next year
The European esports event comes after the NBA 2K League APAC Invitational was held in February this year, and will take place over two days on 13-14 December 2019 from the Gfinity Arena in London.
Nuformix (NFX) Chief Executive Officer Dr. Dan Gooding discusses some of the speculation surrounding the leaked article in the press, answers questions investors had regarding upcoming licensing deals, and discusses a potential exit strategy for the company.