Belvoir has agreed to acquire the entire issued share capital of Nottingham Mortgage Services – a subsidiary of the Nottingham Building Society.

The deal, worth £600,000, will see the in-house Nottingham Mortgage Services mortgage team of 27 move over to Belvoir. However, they will continue to serve the society’s branches and members as they do today.

Currently 39 of the 48 Nottingham Building Society branches are dual branded with a Belvoir Group franchise, after a strategic alliance was struck between the two firms last year.

The deal has immediate benefits for both Belvoir and The Nottingham’s members and in addition, this acquisition has enormous long-term potential as Belvoir, which is an appointed representative of Mortgage Advice Bureau PLC, continues to grow its wholly owned financial services division.

Belvoir CEO Dorian Gonsalves said: “The reinvention of The Nottingham as a building society for the future, and the extension of Belvoir’s partnership is a very exciting chapter in the history of our companies.

“In the last 12 months the majority of The Nottingham’s 48 branches have become dual branded with Belvoir and we now look forward to welcoming the team of 27 who will be moving over to us whilst remaining located in their existing Nottingham branches and head office locations. This acquisition will bring our current total of advisers to 236. We are confident of increasing this number to 250 by the end of 2021.

“This acquisition represents a massive opportunity for the Belvoir Group to grow our mortgage business, which will not only be of enormous benefit to Belvoir, and future generations of home-owners, but also to members of The Nottingham.”

David Marlow, chief executive of Nottingham Building Society, added: “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.”

Completion of the acquisition will take place on 31 July 2021.