CBG teams up with Close
CBG changes strategy for premium finance
Close Premium Finance has agreed to provide Manchester-based broker CBG Group with premium finance facilities after a change of tactic from the broker.
CBG, which provides employee benefits, wealth management and specialist sports injury insurance services, saw first-half revenues decline from £5.66m to £4.86m with earnings before interest, tax, depreciation and amortisation falling to £0.83m from £1.43m.
Martyn Hughes, group finance director at CBG, said: "In the past, we have used our own funds to provide premium finance to our clients but, considering the economic climate, we have decided to partner with Close Premium Finance."
Stephen Darcy, managing director at CBG, explained to PB: "We are carrying on with our own financing arm through our group business Exius but will be realigning the majority of our corporate business with Close."
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