The franchise agency giant Belvoir has acquired share capital in a small mortgage company.
Nottingham Mortgage Services Limited, a wholly owned subsidiary of Nottingham Building Society, has been bought by Belvoir for £ 600,000; the deal will close in late July.
At the same time, The Nottingham is entering into a 10-year contract with the Mortgage Advice Bureau to provide mortgage and security advice to its members through its branch network and over the phone via Belvoir as an appointed representative of MAB.
This service will be rolled out to users of The Nottingham’s Beehive Money app when it launches later this year.
“The reinvention of The Nottingham as a building society for the future and the expansion of the partnership with Belvoir is a very exciting chapter in the history of our company”, explains the CEO of the Belvoir Group, Dorian Gonsalves.
“For the past 12 months, the majority of The Nottingham’s 48 branches have been dual-branded with Belvoir and we look forward to welcoming the team of 27 who will join us while they work at their existing Nottingham branches and headquarters remain. With this acquisition we will currently have 236 consultants. We are confident of increasing this number to 250 by the end of 2021.
“Our strategic alliance is very well embedded in the network for real estate agencies and together we can help people not only find their new home, but also finance it with the right mortgage for them.”
Given the existing presence of Belvoir Group franchisees within The Nottingham’s network of branches, this acquisition enables Belvoir to expand the real estate services it offers to The Nottingham clients to include real estate sales, rentals and financial services.
Currently 39 of the 48 branches of the Nottingham Building Society are franchised by the Belvoir Group under two brands.
Peter Brodnicki, Chief Executive of the Mortgage Advice Bureau, said: “We are very excited to enter into this unique partnership with The Nottingham. The Society is a modern, mutual organization with a long history of doing the right thing from its members, and it is great to know that with this partnership we will have the opportunity, through our experienced advisors, to help tens of thousands to achieve their real estate purchase goals, to offer digitally guided mortgage and protection advice in the app. “