Cullum not afraid to invest in property market
Cullum Capital Ventures has announced a diversification by acquiring a majority stake in Managing Agents Reference Assistance Services Limited (MARAS).
MARAS is widely regarded as a leading provider of tenant referencing services for letting agents. The business also has its own portfolio of clients and offers traditional insurance broking services.
CCV has acquired 15 insurance brokers since launch in April 2006, controlling in excess of £70m of GWP.
CCV Chief Executive Tim Johnson said: “Through our completed acquisitions CCV has built a strong portfolio of clients in the property owners’ field, and it is an area we expect to grow further. The opportunity to invest in MARAS could not be passed up as it reinforces our commitment to this market and expands the range of products we are able to offer our clients.”
Graham Sandley, Managing Director of MARAS will remain with the business and retain a shareholding. He said: “With the business connections and capital available to us through CCV’s investment, I am sure that we can develop the business to an even wider target market.”
CCV’s Chairman, Peter Cullum, welcomed CCV’s latest acquisition, adding: “CCV was established in order to bring a flexible and entrepreneurial approach to potential acquisitions. This acquisition shows that CCV is not afraid to invest in complementary services to our core broking activities if we feel the opportunity is right and the team is one we want to back.”
