FRM.L Regulatory News (FRM)

13 Jul 2006 07:00

CBG Group Plc13 July 2006 13 JULY 2006 CBG GROUP PLC (AIM: CB.) JOINT VENTURE WITH FORMATION GROUP PLC The Board of CBG Group plc ("CBG" or "the Company"), the Manchester basedinsurance broker, financial adviser and healthcare specialist, is pleased toannounce that it has established CBG Sports Limited via a joint venture withKingsbridge Asset Management Limited ("Kingsbridge"), a wholly owned subsidiaryof Formation Group plc ("Formation"). HIGHLIGHTS •Increased cross selling opportunities - enabling CBG to provide its range of insurance services to Kingsbridge's existing client base; •Potential to grow revenues by adding new high net worth clients in the sporting arena; and •The joint venture further strengthens the Company's brand name, as it continues to focus on creating a broad-based insurance offering. CBG Sports Limited is owned equally by CBG and Formation. It will providegeneral insurance services to the existing clients of Kingsbridge and to newclients in the sporting arena. Kingsbridge provides wealth management services to a client base, which includesprofessional footballers, managers and coaching staff from the 92 professional football clubs. Kingsbridge currently advises over 600 UK based footballers, managers and coaching staff. In addition to its football clients, Kingsbridge also advises clients from othersports such as rugby, cricket, golf and racing. Kingsbridge is an appointed representative of CBG Carpenter Rees Jackson Limited, a wholly owned subsidiary of the Company. The Chairman of CBG, Laurie Turnbull, is also a non-executive director of Formation. Commenting on the deal, Chairman Laurie Turnbull said: "This is a good deal forboth CBG and Formation. It enables Kingsbridge to complete its service offeringas a leading Sports and Entertainment wealth management company and allows CBGto provide its insurance services including healthcare, asset protection andpersonal injury to Kingsbridge's extensive and impressive client base of highnet worth personalities in sports and entertainment." ---ends--- Enquiries:CBG Group plc 0161 920 0200Martin Lewiswww.cbg-group.co.uk Bishopsgate Communications Ltd 020 7430 1600Nick RomeSophie Daviswww.bishopsgatecommunications.com NOTES TO EDITORS: CBG Group plc (CBG), an AIM quoted company, is a Manchester based corporategeneral insurance, risk management and financial services intermediary. It offers a range of services principally in the area of Commercial Insurance,Business Risk Management, Healthcare and Employee Benefits. In addition, itoffers a Private Client solution to individuals centred on wealth management andasset protection. It has four trading divisions: •General Insurance & Risk Management - CBG Insurance Brokers Ltd •Wealth Management & Employee Benefits - CBG Carpenter Rees Jackson Ltd •Private Medical Insurance - CBG Spencer Lavery Healthcare Ltd •Premium Finance - Exius Ltd This information is provided by RNS The company news service from the London Stock Exchange