The stories hitting the headlines this week ...
Deal
Giles’s £5.1m bid for CBG has been approved by more than 90% of the latter’s shareholders. Once the offer – still subject to other conditions – is completely unconditional, Giles will delist CBG from the London Stock Exchange’s alternative investment market.
Shutdown
South Wales broker Motaquote has closed seven high street branches as customers move online and the economic downturn depresses revenues. Seven branches remain, and the closures resulted in five redundancies.
Risk
Brit Insurance has warned that the introduction of alternative business structures (ABSs), aka ‘Tesco Law’, will leave many law firms unsure over whether they are covered for new professional indemnity risks. ABSs, in which non-lawyers will be allowed to own majority stakes in law firms for the first time, could face PI risks from inexperienced managers.
Warning
Gibraltarian regulator the Financial Services Commission (FSC) has issued a warning about Unique Car Insurance. The FSC refuted claims by Unique, which runs a website offering short-term motor insurance to UK drivers under 21, that it regulates the firm.
