Broker CBG is set to acquire sports specialist PenMc in a bid to expand its high net worth (HNW) business.

The acquisitive broker said it had agreed the terms of a recommended share offer for PenMc which values the company at £186,000.

CBG said the acquisition would provide business opportunities for its sports division.

PenMc, formerly Kings-bridge Holdings, was a specialist in financial services for sports and entertainment clients including Premiership football players.

It sold its sports manage-ment company in 2003.

Martin Lewis, technical director of CBG Group, said there was still over 100 shareholders within PenMc, some of which had high net worth clients.

He said: “We have always done HNW but this gives it a bit more support for our client base. There are a lot of high profile sports individuals involved.

“[The acquisition] would be a very quick and easy way to open the door for some retail clients.”

In August, CBG reported half-year profits of £718,000 – an increase of 43% on the same period last year.