Group reports profit rise of 85% to £22.2m

The Budget Group of Companies, the UK’s largest privately owned personal lines broker, has changed its name to the BGL Group.

In a statement, the company said the move reflected its increasing operational breadth. The company has six trading divisions: Budget & Dial, Junction,, Bennetts, Fusion and ACM ULR.

Peter Winslow, group chief executive, said:“The business has gone from strength to strength since its launch 15 years ago.

"Each of the group’s six trading divisions has contributed to this success, sustaining our rate of growth both in profit and size.

"We feel that the name change represents the evolving nature of the business today, and the breadth of our offering to both consumers and business partners.”

The BGL Group has recently been identified by the Sunday Times as one of 10 companies to watch, alongside the annual league table of Britain’s 100 private companies with the fastest growing profits over a three-year period.

For the year ended June 2006, Budget's pre-tax profits were £22.2m, up 85% on the previous year. The group currently employs 2,255 people, and has created more than a thousand jobs in the past three years.