Alantra advises The Nottingham on its new partnership with Mortgage Advice Bureau and the sale of Nottingham Mortgage Services to Belvoir
London – Alantra, the global investment banking and asset management specialist, has advised The Nottingham Building Society (“the Society”), on the sale of 100% of its shares in Nottingham Mortgage Services (“NMS”) to Belvoir Group (“Belvoir”) and a long term partnership with Mortgage Advice Bureau (“MAB”) to extend digitally enabled mortgage and protection advice to existing Society members and users of its Beehive Money app once launched later in 2021.
Through this transaction with Belvoir, Mortgage Advice Bureau, one of the UK’s leading mortgage intermediary brands, will take over the provision of the mortgage broking service. With over 20 years’ experience in this field MAB is already using advanced digital tools to provide mortgage advice, supported by over 1,500 advisers across the UK.
Also, as part of the transaction, to ensure a smooth transition, and to provide a continuation of services for The Nottingham, the NMS team will move over to Belvoir and continue to serve Nottingham branches and members as they do today but as appointed representatives of MAB. All other affected roles will be redeployed across the Society with no compulsory redundancies. This further extends the Society’s strategic alliance with Belvoir who took over the provision of all estate agency and lettings services across The Nottingham’s branch network in 2020.
Chief Executive Officer of The Nottingham, David Marlow, commented: “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. The Alantra team’s market knowledge, relationships and strategic advice throughout the deal were key to making it happen.”
Marcus Evans, Managing Director at Alantra commented: “We are thrilled to help The Nottingham enter this long-term partnership with MAB and Belvoir. It is an exciting chapter in the evolution of the Society’s business model, which will enable the next generation of its members to receive digitally enabled mortgage and protection advice from a market leading network.”
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