News blog
CBG Group
- BY: Andrew Hore |
- POSTED: 02/08/2011 |
Giles Insurance Brokers has launched a 32p a share recommended bid for CBG Group.
The bid values CBG at £5.1m. CBG joined Aim in November 2003 when it raised £600,000 net at 36p a share. Managing director Michael Askew will receive a £200,000 retention bonus by the end of next March. Askew and other key employees will receive a performance bonus.
CBG gives Giles a strong presence in North West England as well as an increased presence in sectors such as healthcare.
Giles is owned by Charterhouse Capital partners and Christopher Giles. The business was established in 1967 and it has 900 employees and 40 offices. There has been a combination of acquisitions and organic growth. In the year to August 2010, Giles had revenues of £59.8m and underlying operating profit of £11.4m. The net asset value was £102m.
Market conditions remain tough but it is easier for larger companies with access to more capital.
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