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Brook Financial Services bought by Belvoir

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  • 13/07/2017
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Brook Financial Services bought by Belvoir
Brook Financial Services has been bought by Belvoir Lettings in a deal worth £2m.

The Barnsley-based brokerage is an appointed representative of Mortgage Advice Bureau and was founded by Michelle Brook in 2010.

In a statement to investors, Belvoir Group said the acquisition would allow the group to achieve “materially greater penetration of Belvoir’s client base and increase the financial services fees generated on property sales across all group networks”. 

It states:  “As the group’s lettings-based networks Belvoir, Northwood and Goodchilds grow their property sales business, Brook will enable our brands to increase further their revenue from estate agency related services and mitigate some of the impact of the upcoming ban on tenant fees.  Additionally, Brook will be able to make immediate inroads into the group’s main estate agency network, Newton Fallowell, by increasing the available number of mortgage advisers to service their substantial house sales transactions”.

Michelle Brook, managing director of Brook Financial Services, said: “The acquisition today of Brook by Belvoir represents a significant milestone for the business and provides the opportunity to grow sales of financial service products within the Belvoir group.  Brook has a fantastic team of experienced advisers and a solid support structure operating within the Mortgage Advice Bureau network from which the Belvoir Group will benefit.”

Brook will continue working full time as the managing director of the brokerage. Meanwhile Mike Goddard will step down as chief executive of Belvoir Group and will take on the role of chairman instead. Dorian Gonsalves, currently chief operating officer, has been appointed chief executive.

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