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Browne Jacobson advises Belvoir on acquisition of MAB Gloucester

28 November 2018

Browne Jacobson has advised AIM listed Belvoir Lettings on its £3.6m all-cash acquisition of MAB (Gloucester) Limited.

Nottingham based corporate finance lawyers Mark Hughes and Rachael Russell advised the Lincolnshire based business through its subsidiary, Brook Financial Services Ltd, on the acquisition of the entire issued share capital of MAB Glos.

Grantham headquartered Belvoir Lettings plc was founded in 1995 by Mike and Stephanie Goddard and is the largest property franchise group in the UK. The business operates four brands through 360-plus outlets nationwide, managing 61,000 properties.

MAB Glos provides mortgage and financial services advice to clients through its 63 business partners located predominately in the Midlands, South West and Wales.

Dorian Gonsalves, Chief Executive Officer, Belvoir commented:

"We believe that the acquisition of MAB Glos will provide the basis for developing a network of financial advisers to support our franchisees at a local level, in addition to the existing mortgage advice services delivered centrally by Brook. This will give our existing property franchisees the ability to 'build a business within a business' by either utilising an existing MAB Glos mortgage adviser or taking on their own new adviser on-site. This will in turn achieve greater penetration of financial services to the Group's client base for the benefit of both individual franchisees and the Group as a whole."

Mark Hughes, corporate finance partner at Browne Jacobson, added:

“This is the latest in a number of recent high profile deals we have advised Belvoir on. The addition of MAB Glos will allow the Belvoir Group to further grow its footprint into financial services whilst giving MAB’s existing 63 business partners an opportunity to cross-sell their expertise to the Group existing and future client base.”

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