Belvoir Group PLC has announced that it has exchanged contracts to acquire a subsidiary of the Nottingham Building Society in a six-figure deal.
As announced on the London Stock Exchange earlier this morning, the Belvoir Group have purchased the entire issued share capital of Nottingham Mortgage Services Limited for a total of £600,000 in cash.
The deal, which is due for completion on July 31st, further strengthens Belvoir’s alliance with The Nottingham Building Society following Belvoir’s undertaking of all estate agency and lettings services last year.
Coinciding with the purchase of Nottingham Mortgage Services, The Nottingham Building Society have also entered into a 10-year agreement with Mortgage Advice Bureau PLC.
Commenting on the MAB deal, Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “We’re excited to be entering this unique partnership with The Nottingham Building Society.
“The Nottingham Building Society is a modern, mutual organisation with a long legacy of doing the right thing by its members and it’s great to know that with this partnership, we will have the opportunity to provide digital led, in-app mortgage and protection advice, through our experienced advisers who will be helping tens of thousands achieve their home buying goals.”
Nottingham Mortgage Services delivers tailored mortgage and protection services to the members and customers of The Nottingham Building Society with facilities in all 48 of the Building Society’s branches.
Chief Executive Officer of The Nottingham, David Marlow, said: “Helping our members find the right mortgage for them by searching thousands of products from multiple lenders has been a key part of the Society’s purpose to help our members save, plan for and protect their financial futures for a number of years.
“Our new partnership with Mortgage Advice Bureau and Belvoir is a natural next step and an exciting development that allows us to extend and grow this service to our digital-first members who will be using the Beehive Money app, when it launches later this year.”
Search ‘Belvoir’ on Residential People to find properties by The Belvoir Group in your area.