Business
Investee Company Update - CBC UK Ltd
Investee Company Update - CBC UK Ltd.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 2764T B.P. Marsh & Partners PLC 02 July 2018 \n\nDate: 2nd July 2018\nOn behalf of: B.P. Marsh & Partners Plc (\"B.P. Marsh\")\nImmediate release\n \nB.P. Marsh & Partners Plc\nInvestee Company Update - CBC UK Ltd \nB.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, announces that CBC UK Limited (\"CBC\") has completed the 100% acquisition of PBS Insurance Limited (\"PBS\").\nPBS is a general insurance broker based in Jersey. As part of the transaction, Si Aziz, the Managing Director of PBS, has subscribed for a shareholding in Paladin Holdings Limited, CBC's parent company, in which B.P. Marsh holds a c. 45% shareholding.\nThe transaction is an important development for CBC, being its first acquisition since the investment by B.P. Marsh in February 2017 and expansion into a new territory with the resulting opportunities this should bring.\nCBC demonstrated its strong growth trajectory for the year ending 31 December 2017, with expected Revenues of £5.4m and expected Operating Profit of £731,000. This is an increase of £657,000 on its 2016 Operating Profit of £74,000.\nAndrew Wallas, Chairman of CBC said; \"We are delighted to achieve a footprint in Jersey and see significant potential in the collaboration between CBC and PBS. We are committed to making further acquisitions with quality people and well-run businesses.\"\nBrian Marsh, Chairman of B.P. Marsh said; \"We continue to support the management of CBC to grow their business and have every confidence that this is a good step as part of this objective.\"\nFor further information please contact:\nB.P. Marsh & Partners Plc www.bpm...