Manchester, UK-based insurance broker CBG Group has completed its acquisition of GF Baskeyfield & Company, a provider of general insurance broking and financial advisory services based in Macclesfield.
CBG has agreed to pay up to GBP1.15 million in cash and shares for Baskeyfield, which made net profits of GBP357,704 last year, before partners’ drawings, on sales of GBP895,058.
The acquisition will broaden CBG’s geographical and service offering, and represents the latest step in the company’s inorganic growth strategy.
Baskeyfield services a wide range of clients, extending CBG’s boundaries into Cheshire while its mortgage advisory business will broaden the CBG client proposition. Indeed, CBG’s directors believe significant cross-selling opportunities will be available to the group, particularly through the mortgage advisory channel.
Baskeyfield will continue to operate from its existing premises in Macclesfield town center but otherwise will be fully integrated into CBG. The principal of Baskeyfield, Graham Baskeyfield, has joined the board of CBG Financial Services Limited.
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 northwest. In addition to our central hub in Manchester, CBG now operates out of Liverpool, Burnley, Poulton-le-Fylde, Blackpool and Macclesfield, commented CBG chairman Laurie Turnbull.