Manchester broker CBG Group has acquired insurance broker and financial adviser GF Baskeyfield.

The acquisition of the Macclesfield firm follows the £3m placing by CBG announced last week (News, 14 June).

CBG will pay up to £1.15m in cash and shares for Baskeyfield, which last year made net profits of £357,704 on sales of £895,058.

The group said the acquisition would broaden its geographical and service offering. It said last week that it was in discussions about three other potential acquisitions.

CBG chairman Laurie Turnbull said: “I am delighted that CBG has completed this acquisition in the first half of the current financial year, demonstrating our commitment to consolidation in the North West.

“In addition to our central hub in Manchester, CBG now operates out of Liverpool, Burnley, Poulton-le-Fylde, Blackpool and Macclesfield.”