Proposed disposal of Culver Insurance Brokers
Protectagroup Acquistions, a subsidiary of Cullum Capital Ventures, has acquired the retail insurance broking subsidiary, Culver Insurance Brokers.
Highlights
Cash consideration on Completion of £4m plus adjusted net assets when finally determined, less estimated intra-Group balance of £1.75m Deferred consideration of up to £2m dependent on CIB's net brokerage in the year following Completion Proceeds from the Disposal to repay short term borrowings of approaching £2m and for continuing development of Culver's specialist insurance broking and Employee Benefits businesses Disposal conditional solely on shareholders' approvalCommenting on
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