Belvoir Group has announced the acquisition of two financial services businesses, MAB South West and BMA Bristol, as part of its ambitious plans for growth.

Both BMA and MAB SW operate under the Mortgage Advice Bureau brand, as appointed representative firms of Mortgage Advice Bureau.

Belvoir said the acquired firms provide mortgage and financial services advice via a combined network of 41 advisers.

The acquisitions were completed for a combined total net consideration of £2.1m in cash, with Belvoir’s subsidiary Brook Financial Services acquiring the entire issued share capital of both BMA and MAB SW.

The acquisitions were anticipated to be immediately accretive to earnings, contributing around £0.6m per annum to Belvoir’s profit before tax.

Belvoir’s chief executive officer, Dorian Gonsalves, said: “We are delighted to announce the acquisitions of BMA Bristol and MAB South West, which extend our network of experienced financial advisers across the south west, supporting both our franchisees at a local level, as well as servicing leads from independent agents,” said chief executive officer Dorian Gonsalves.

“The acquisitions have been secured during a more challenging phase of the property sector cycle which has been reflected in the price paid.

“However, the board is confident that given the strong client banks within these businesses, they can be developed further and be positioned to take advantage of future upsides in the new purchase and remortgage markets.”