Community Broking Group (CBG) has acquired Bury-based broker Cloughley Insurance Services for £437,000.

Cloughley director John Bradbury will join CBG on a fixed two-year contract after which he will retire.

The acquisition cost consists of the net current asset value of Cloughley (£5,000) plus goodwill (valued at £432,000).

The money will be paid in instalments with £232,800 plus the net current asset value due on 1 March 2004. Further instalments will be paid on 1 March 2005 and 1 March 2006.

CBG chief executive David Worsley said: "Our AIM listing at the end of last year provided us with the necessary funds to be able to capitalise on what is an extremely fragmented sector.

"The acquisition of Cloughley puts us well under way to achieving our aim of becoming a leading broker within the Manchester region."

Cloughley reported turnover of £363,987 for the year ended 28 March 2003.