Manchester broker will not slow down acquisitions.
Manchester broking group CBG will continue to acquire brokers, taking advantage of a drop in prices, it said this week.
The North West mini-consolidator, which has completed 18 acquisitions since becoming a public listed company in 2003, said the economic slowdown would not affect its plans.
“Over the last 12 months, we have turned away from a lot of deals because price expectations have been unrealistic,” said Martin Lewis, technical director of CBG.
“But consolidators turning the tap has helped some to lower those expectations. There are still plenty of opportunities.”
The group reported an 80% rise in revenue to £5.66m for the six months to 30 June 2008, up from £3.15m in the same period last year. Operating profit hit £1.35m, up 69% from £800,000 in the first half of 2007.
So far this year, CBG has acquired two North West brokers: Barclay Brown and Howgud.
Lewis said the business planned to integrate its acquisitions over the year, but was still looking to expand across the country.
“Fundamentally we will continue to focus on the North West,” he said.
“If the right opportunity came up in London, where we could increase the critical mass of the London operation, we would.”