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Smooth takeover at insurance broker.

Byline: Peter McCusker

COMMERCIAL lawyers at a Newcastle-based firm acted for a long-standing client during its takeover by fast-growing national insurance intermediary Cullum Capital Ventures (CCV).

Kent-based CCV was formed four years ago as a vehicle to buy independent brokers across the UK and its latest deal saw it buy a majority stake in Newcastle-based insurance broker Bishop Skinner.

This is CCV's first deal north of Stockport and will see Bishop Skinner retain its name and Newcastle offices. Bishop Skinner managing director Don Jones has retained a minority stake along with the existing management team, Newcastle law firm Hay & Kilner and accountants Glenton advised Mr Jones and fellow shareholders during the process.

Hay & Kilner lead partner Nick James said: "Our association with Bishop Skinner goes back to the early days and it was a pleasure to provide support as they move into a new era."

Established in 1973, Bishop Skinner currently employs more than 50 staff and controls pounds 12m of premiums. Its turnover last year was pounds 2.3m with pre-tax profits of pounds 617,000, which were boosted by a pounds 567,000 property sale.

Mr Jones said: "Bishop Skinner is delighted to become a member of the CCV Group.

"After 37 years of broking on Tyneside, we are joining an organisation with an excellent reputation in the industry, who will help to enhance the broking services that we offer and allow us to achieve growth and stability within our sector."

CCV chief executive, Michael Rea, said: "Bishop Skinner is an excellent business with a real focus on delivering top-class service to its clients. I am delighted to welcome Bishop Skinner and its entire staff to the CCV Group." This is CCV's fifth deal this year and it expects a further six by the end of 2010. This growth means it is now one of five largest independent UK brokers with over pounds 230m of premiums.


NEW DEAL Nick James, Hay & Kilner, Don Jones, Bishop Skinner, and Grahame Maughan of Ryecroft Glenton
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Publication:The Journal (Newcastle, England)
Date:Jul 21, 2010
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