CBG’s new owners sell financial services arm

A PAIR of businessmen who sold sold their financial services firm to insurance broker CBG Group seven years ago for £720,000 have bought it back for an undisclosed sum.

Steve Rees and Mike Carpenter, who sold their firm Carpenter Rees Jackson to CBG in July 2004, have bought it back from CBG’s new owners – Scottish insurance broker Giles Insurance Group.

The business, which has since been renamed CBG Financial Services, offers products such as financial planning, self-administered pensions and employee benefit schemes, to companies.

It will continue to operate from its existing base in Manchester and 17 existing members of staff will transfer to the new business.

Mr Rees said: “We are delighted to have completed this deal, which ensures the future of CBG Financial Services. It’s a very exciting time for everyone involved and we have no doubt that we’ll continue to go from strength-to-strength in the future.

He added: “It’s business as usual for our existing clients and we look forward to extending our reach, working alongside Giles to provide a seamless and consistent service.”

Mr Rees set up the company alongside Mr Carpenter in 1996. The pair were advised on the buy-out by law firm Turner Parkinson.

Mr Carpenter said: “CBG Financial Services is a well-established business that has built up a strong reputation over the last 15 years for its high standard of service and extensive expertise. These qualities will continue to underpin the new company.”

CBG Group was sold to private equity-backed Giles Insurance Brokers in a £5.1m deal, which completed in August last year.