Manchester broker acquires Macclesfield broker and IFA
CBG Group, the Manchester based broker, has completed the acquisition of G F Baskeyfield, a provider of general insurance broking and financial advisory services.
The highlights include:
• CBG will pay up to £1.15m in cash and shares for Baskeyfield
• The acquisition will broaden CBG’s geographical and service offering
• Last year Baskeyfield made net profits of £357,704 on sales of £895,058
• This is the latest step of CBG’s acquisition strategy and follows the £3m placing announced last week.
Baskeyfield, based in Macclesfield, services a wide range of clients extending CBG’s boundaries into Cheshire while its mortgage advisory business will broaden the CBG client proposition.
Baskeyfield’s turnover for the year ended September 30 2006 was stated as £895,058 and net profit, before partners’ drawings was £357,704. Net assets were stated as £328,420.
Baskeyfield will continue to operate from its existing premises in Macclesfield but otherwise will be fully integrated into CBG. The principal of Baskeyfield, Graham Baskeyfield, will join the CBG board completion.
Commenting on the acquisition, CBG chairman Laurie Turnbull said: “I am delighted that CBG has completed this acquisition in the first half of the current financial year, demonstrating our commitment to consolidation in the North West. In addition to our central hub in Manchester, CBG now operates out of Liverpool, Burnley, Poulton-le-Fylde, Blackpool and Macclesfield.”
