Berkeley Financial Services' reverse takeover of independent financial advisor and insurance broker Berry Birch & Noble (BBN) has been given the go-ahead by BBN shareholders.
The shareholders approved the deal at an extraordinary general meeting on Friday, 4 January 2002, and shares in the new company, Berkeley Berry Birch, began trading today.
Despite the name change for the holding company, the names of the group's subsidiaries remain unchanged. The main operating subsidiaries continue to be known as Berry Birch & Noble Financial Services, Berry Birch & Noble Insurance Broking and Berkeley Independent Advisers.
The transaction included a capital raising of £12.5m from new investors.
Berkeley Berry Birch chief executive Clifford Lockyer said: "The enlarged group's market presence will now be enhanced, whilst also giving rise to possible operational synergies, enabling the company to take full advantage of the changes in the market for independent financial advice"
Berkeley Financial Services Group is the UK's fourth largest IFA network group.
The companies first announced the deal in early December 2001. At the time they said they had agreed on a £47.75m price tag for BBN.
