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Berkeley Berry Birch takes over MacRobins

IFA group Berkeley Berry Birch has bought London-based IFA MacRobins for £673,077.

The deal for the employee benefits and general insurance specialist will be split between £350,000 cash and £323,077 of BBB shares.

MacRobins has just two advisers but produces around £1m turnover through corporate pensions and commercial insurance for SMEs. It will be integrated into BBB&#39s financial advisory division.

BBB raised £20m from institutional investors in October 2002 to fund acquisition opportunities. This is the third in a series of smaller acquisitions by the group in the past eight months.

It paid £1.5m for 60-RI IFA Weston Financial Group in December 2002 and around £500,000 for Professional Financial Services in January this year.

BBB group chief executive Stephen Ingledew says: “MacRobins complements and fits really neatly with the existing BBB employee benefits set-up. We are looking at &#39infill&#39 acquisitions at the moment that allow us to fill gaps we have or allow us to strengthen in certain areas attracting different groups of customers.”


Close Property lays on quartet for Sipps

Close Property Investment has created quartet, an exempt unit trust providing access to an actively managed portfolio of 13 UK commercial properties. The fund will borrow around 70 per cent of property purchase costs from HBOS and the bank will contribute almost half the remaining costs. This leaves £10.5m to be raised from Sipp investors, […]

Brokers criticise A&L loan stance on London and SE

Alliance & Leicester&#39s announcement last week that it is to take a cautious approach to lending in London and the South-east has had a mixed response from brokers.A&L says it has ruled out lending over 90 per cent on properties between £150,000 and £350,000 or more than 75 per cent on a house worth over […]

B&W fixes at 3.79% for three years in deal with Scot Prov&#39s mortgage alliance

Bristol & West is offering a three-year fixed-rate loan exclusively through Scottish Provident&#39s Mortgage Alliance.The fixed rate of 3.79 per cent runs until the end of August 2006 then reverts to the bank&#39s standard variable rate, which is currently 5.54 per cent. There is no extended tie-in on the loan.The mortgage is available at up […]

Abbey National – Recovery Plan Issue 2

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£500,000 Isa £1,000-£7,000 Term: Five years six months Guarantee: Original capital returned in full at end of term regardless of performance in index Return: Up to 75% growth at end of term Closing date: October 15, 2003 Commission: […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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