CBG Group, an insurance broker, financial advisor and healthcare specialist, has acquired Barclay Brown Holdings, a provider of specialist niche insurance products and general insurance broking services, for a total consideration of approximately GBP3.3 million.
The transition amount comprises of initial consideration of GBP1.45 million, deferred consideration of GBP1.25 million and additional consideration of GBP0.6 million. The initial consideration of GBP1.45 million has been satisfied in cash from the group’s own cash resources at completion.
Laurie Turnbull, chairman of CBG Group, said: The acquisition of Barclay Brown is significant for CBG as it consolidates our strong position within the North West market. This is a further material step change 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. The group remains active with our expansion plans, both organic and acquisition led, and we look forward to the next phase of our development.