Newcastle broker Bishop Skinner will retain brand and current offices
Cullum Capital Ventures (CCV) has completed its fifth acquisition of the year, with the purchase of Newcastle-based broker Bishop Skinner.
Bishop Skinner employs more than 50 people and controls £12m of premium.
Current managing director Don Jones will continue to lead the firm under CCV, and the existing senior management team will have an equity stake in the business.
The firm will still operate under the Bishop Skinner brand and will remain in its current premises in Newcastle city centre.
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 acquisition gives CCV a real foothold in the North East, from which we plan to develop our presence further. With recent acquisitions, CCV now controls almost £250m of premium and, with a very healthy pipeline of deals currently in due diligence, I expect CCV to complete at least another six deals before the end of the year.”
Rea also said he believed that the recent rise in capital gains tax to 28% for higher rate taxpayers, announced in the Budget, will not have a detrimental impact on CCV's M&A activity in the broker market because relief for entrepreneurs was extended from £2m to £5m.
“This was good news for the owners of the many medium-sized regional broking firms interested in full or partial sales of their business, with whom we talk,” Rea said. “I am confident that we’ll continue to see a healthy number of enquiries from brokers looking to manage their exit strategy.”