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Norwich Union takes stake in Giles

    • Andrew Tjaardstra

    • Indicative reading time: 1 minute

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Norwich Union has bought a 7.5% stake in Glasgow-based Giles Insurance Brokers for approximately £5....

Norwich Union has bought a 7.5% stake in Glasgow-based Giles Insurance Brokers for approximately £5.2m.

Gresham, the private equity house, has also acquired a 7.5% share that adds to its 34% stake. Both deals were valued at £10.4m in total.

Chris Giles, chief executive at Giles Insurance Brokers, executed a £45m management buyout of Giles last year backed by the Clydesdale Bank. The bank will also lead a £50m fundraising to be spent between now and the end of August. Giles said: "We could have

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