13 JULY 2006
CBG GROUP PLC
(AIM: CB.)
JOINT VENTURE WITH FORMATION GROUP PLC
The Board of CBG Group (Berlin: FFA.BE - news) plc ("CBG" or "the Company"), the Manchester (Frankfurt: A0ETDJ - news) based insurance broker, financial adviser and healthcare specialist, is pleased to announce that it has established CBG Sports Limited via a joint venture with Kingsbridge Asset Management Limited ("Kingsbridge"), a wholly owned subsidiary of Formation Group (Berlin: GYA.BE - news) plc ("Formation").
HIGHLIGHTS
· Increased cross selling opportunities - enabling CBG to provide its range of insurance services to Kingsbridge's existing client base;
· Potential to grow revenues by adding new high net worth clients in the sporting arena; and
· The joint venture further strengthens the Company's brand name, as it continues to focus on creating a broad-based insurance offering.
CBG Sports Limited is owned equally by CBG and Formation. It will provide general insurance services to the existing clients of Kingsbridge and to new clients in the sporting arena.
Kingsbridge provides wealth management services to a client base, which includes professional footballers, managers and coaching staff from the 92 professional football clubs. Kingsbridge currently advises over 600 UK based footballers, managers and coaching staff.
In addition to its football clients, Kingsbridge also advises clients from other sports such as rugby, cricket, golf and racing. Kingsbridge is an appointed representative of CBG Carpenter Rees Jackson Limited, a wholly owned subsidiary of the Company. The Chairman of CBG, Laurie Turnbull, is also a non-executive director of Formation.
Commenting on the deal, Chairman Laurie Turnbull said: "This is a good deal for both CBG and Formation. It enables Kingsbridge to complete its service offering as a leading Sports and Entertainment (LSE: ETO.L - news) wealth management company and allows CBG to provide its insurance services including healthcare, asset protection and personal injury to Kingsbridge's extensive and impressive client base of high net worth personalities in sports and entertainment."
---ends---
Enquiries:
CBG Group plc 0161 920 0200
Martin Lewis
Bishopsgate Communications Ltd 020 7430 1600
Nick Rome
Sophie Davis
www.bishopsgatecommunications.com
NOTES TO EDITORS:
CBG Group plc (CBG), an AIM quoted company, is a Manchester based corporate general insurance, risk management and financial services intermediary.
It offers a range of services principally in the area of Commercial Insurance, Business Risk Management, Healthcare and Employee Benefits. In addition, it offers a Private Client solution to individuals centred on wealth management and asset protection.
It has four trading divisions:
· General Insurance ∓ Risk Management - CBG Insurance Brokers Ltd
· Wealth Management ∓ Employee Benefits - CBG Carpenter Rees Jackson Ltd
· Private Medical Insurance - CBG Spencer Lavery Healthcare Ltd
· Premium Finance - Exius Ltd
There are no comments yet