CBG Group plc, a Manchester-based insurance broker and financial adviser, has increased its offering with the purchase of Barclay Brown Holdings Limited for a purchase price of up to £3.3 million.
Barclay Brown is a provider of specialist niche insurance products and general insurance broking services, with offices in Manchester, Mold, Preston and Waterfoot. Its turnover in the period totalled some £1.7 million, with profit before tax of £237,619. CBG believes that significant synergies will be generated by the addition of Barclay Brown, in terms of further development of the niche schemes available, and also through the cross-selling opportunities available from the wider CBG service offering.
CBG Group chairman Laurie Turnbull said: “The acquisition of Barclay Brown is significant for CBG as it consolidates our strong position within the northwest market. This is a further material step for our business, and the benefits to be derived from consolidating and integrating Barclay Brown will enhance our client service proposition and extend value for our shareholders. Across our office network we will now employ approximately 180 people. The group remains active with our expansion plans, both organic and acquisition led, and we look forward to the next phase of our development.”
CBG was advised by corporate partner, Greg Sher, and was assisted by Nick Ducker. Greg commented: “CBG Group Plc is an extremely well led and a strong performing company. CBG’s insight in the business of the target group was particularly helpful in enabling us to achieve a well- balanced transaction for our client, from both a legal and business perspective.” |
