Time is an appointed representative of Mortgage Advice Bureau, and has traded under the name of the network across the North of England and the Midlands. Time itself has its own network of 64 mortgage advisers, almost all of whom are trading on a self-employed basis licensed to the company, with MAB providing training and other support, including compliance and marketing services.
Belvoir has paid £3,673,000 to acquire Time, through its subsidiary Brook Financial Services. Tim Wood, financial services director at Brook, will be managing the Time business, and will report to Michelle Brook, executive director of the Belvoir Group.
Time has been on an expansion drive in recent years, with its mortgage adviser headcount growing from 46 to 64 over the last three years. Between Time and Brook, the Belvoir financial services division will be comprised of 307 mortgage advisers.
Dorian Gonsales, chief executive officer at Belvoir, said the acquired company’s adviser team would complement the existing financial services network “both in terms of the management infrastructure and geography”.
He added: “The acquisition of Time will extend our network of financial advisers to support both our franchisees at a local level, as well as servicing leads from independent agents. 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.”