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Berkeley Morgan is taken over by Personal Group

Berkeley Morgan Group has been bought by Aim-listed Personal Group in a cash deal amounting to 12.3m.

Many BMG staff will get a big windfall after chairman Jon Pardoe handed 45 per cent of the company’s shares to around 50 people in 1999.

BMG’s first-half profits doubled to 1.46m from 0.7m in 2003. Pardoe says after stopping doing low-margin business and reducing business with significant liabilities, BMG has bounced back after disappointing profits in 2002.

Pardoe says BMG will benefit from Personal Group’s 270,000 customer contacts and expects web activity to increase through rapidinsure.co.uk in 2005. Personal Group is an employee benefits consultancy based in Milton Keynes.

Pardoe says: “Personal Group is the most successful small financial services company around and it makes a phenomenal profit. We have known them for a couple of years and have been repositioning our business model towards theirs.”

Personal Group chairman Christopher Johnston says: “The acquisition is an ideal fit and will take us into new areas of the insurance services market. BMG is an established and well respected brand that I believe will generate significant profits.”

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