Scotland-based broker Giles is acquiring Manchester listed insurance firm CBG Group in a cash offer deal valued at more than £5.1m.

As per the deal, Giles has agreed to pay 32p a share for CBG, a premium of more than 50% to the group’s quoted price during negotiations last month.

Giles CEO Chris Giles said the acquisition will allow expansion and improve its operational performance in north-west region.

Wythenshawe-based CBG employs a staff of 120 and has offices in London and Blackpool and had posted increased pre-tax profits from 180,000 to £842,000 in 2010.