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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.”

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