CCV acquires another two businesses
Published Date: 25/10/2010 00:00:00
Independent insurance intermediary Cullum Capital Ventures (CCV) announces today that it has completed two further acquisitions, with the purchase of Sussex based Goodwood Insurance Services, and Bolton based Standrings. These two acquisitions add a further £4m of premium to the CCV Group and bring the total number of acquisitions that CCV has successfully completed this year to eleven.
Established back in 1882, Standrings is a family run insurance broker and financial services business. CCV is acquiring the general insurance business from Standrings while its financial services arm will continue to run independently. Joint owner and director of the business Andrew Bowden, together with his team, will join Ainsbury, a CCV business based in Swinton in Manchester.
Andrew Bowden, comments: “I’m delighted with the deal we’ve completed with CCV. Their flexible approach and sensitivity to our needs has meant a win-win for all parties. While the financial services arm of the business will continue to flourish under the Standrings name and my brother’s directorship, the general insurance side of the business can really reach its full potential now as part of CCV and the access it provides to new products and a wider choice of insurers.”
Goodwood Insurance Services specialises in taxi and chauffeur insurance. The deal with CCV will allow director Stephen Barrett to retire while fellow founding director Nigel Martin will stay on to run the business.
Nigel Martin comments: “The CCV philosophy fits really well with the needs of both our customers and staff. We have built an excellent book of taxi and chauffeur business, but the improved access to products and markets will enable us to continue to grow the business whilst assuring our staff and existing clients of continuity of service and a stable future.”
CCV Chief Executive, Michael Rea, said: “We’re delighted by these two latest acquisitions which keep us on track to control £300m of premium by the end of the year. Both deals illustrate how CCV can meet vendors’ varying requirements and help businesses with succession and forward planning. We continue to provide an excellent home for independently minded owners who want to take their businesses on to the next level.”
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