7th Nov 2019 14:17
(Alliance News) - Belvoir Group PLC said on Thursday "good progress" has been achieved within its financial services division and announced a new exclusivity agreement with Yorkshire-based estate agent Dacre, Son and Hartley Ltd.
The property franchise company said it has entered into an eight-year exclusivity agreement with Dacre, a 20 office estate agency, to deliver financial services to their client base.
Belvoir believes that with the right systems in place, Dacre's network could increase from its current four advisers to 10 over the next two years. The agreement is expected to contribute around GBP100,000 to Belvoir's operating profit in its first full year of operation.
Belvoir said its financial services division contributed GBP1.9 million to group gross profit in 10 months to October. The financial services division has written 7,961 mortgages and recruited net 37 advisers, a 30% increase from December 2018.
Belvoir said its strategic objective is to increase both the geographical coverage of financial services across the UK and its market share in existing territories.
"This will be achieved through the recruitment of additional financial services advisers to work with both independent estate agencies and our group franchisees who will provide introductions to their clients," the company said.
Dorian Gonsalves, chief executive officer, said: "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."
Belvoir shares were up 3.2% in London at 121.74 pence each on Thursday afternoom.
By Loreta Juodagalvyte; [email protected]
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