£1.2m deal is a high street success story

A BUSINESS set up by local entrepreneurs and based on Downend’s high street has been sold to a national property group for more than £1 million.

The Mortgage Advice Bureau opened in Badminton Road in 2019 and over the past four years founders Daniel Gould and Adam Wyrill have built the business to a turnover of £1.8m per year, with pre-tax profits of £300,000 last year, and created jobs for 26 people.

The business has now been bought by national property franchise and financial services company Belvoir Group, in a deal worth just under £1.2m.

The new owners already have 300 mortgage advisers nationwide and are expected to recruit more people as they expand into the South West.

The business is based in the former NatWest and Costa Coffee premises, between the former Lloyds and HSBC bank buildings.

Dan, who grew up in Downend and went to Bromley Heath Junior School and the Ridings in Winterbourne, said: “I always wanted to set up a business on the high street.

“It grew quite quickly and we recruited lots of local people who had been made redundant from banks, filled the place with customer appointments and made a success of it.

“It made sense to sell because we’ve got other interests and are trying to grow these now.”

Dan and Adam, of Saltford, run another company, Cleeve Financial Planning, and are looking to move it from its current base in Stoke Gifford on to Downend’s high street when they can find suitable premises. They also have digital marketing and financial services software ventures.

Dan said: “We hope the sale shows what’s possible for other businesses in the area.

“Although times are difficult in the current climate and the high street appears not to be what it was, it’s still possible to set something up and run it successfully.

“If there are any young people locally looking to set up local businesses who want to get some advice, we’re more than happy to do that.”

Belvoir Group has also bought the Plymouth-based Mortgage Advice Bureau South West for £1 million as part of its growth plan.

Belvoir 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.”