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The Corporate Group at Turner Parkinson has advised CBG Financial Services on an MBO.
The company, which was formerly part of AIM-listed Manchester insurer CBG Group, was acquired from its parent company Giles Insurance Brokers for an undisclosed sum.
Last September CBG Group was acquired by rival broker Giles for £5m.
The company, which specialises in financial planning for individuals and businesses, will continue to operate from its Wythenshawe-based office where it employs 17 staff.
The team advised Steve Rees and Mike Carpenter who led the buyout. The pair of businessmen originally sold their financial services firm Carpenter Rees Jackson to CBG back in 2004.
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.”
Corporate Partner James Sheridan led the team at Turner Parkinson. He said: “It’s always good to work on a buy-out deal as it sees managers take true control of the businesses they run, but this deal had an additional bit of history to it in that it saw the founders of the business regain control of it. I know Mike and Steve have big plans for the future and we look forward to working with them as the business grows.”
To contact a member of the Corporate Team, call 0161 833 1212 or email
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