Joint Venture

13 Jul 2006 07:00

Formation Group PLC13 July 2006 Formation Group plcFRM.L FORMATION GROUP PLC ("Formation" or "the Company") Wealth management subsidiary, Kingsbridge, announces insurance services joint venture The Board of Formation, the sports marketing and management company, is pleasedto announce that its subsidiary, Kingsbridge Asset Management Limited("Kingsbridge"), has established a joint venture company, CBG Sports Limited,with AIM quoted, CBG Group PLC ("CBG"). The joint venture will provide generalinsurance services to the existing clients of Kingsbridge and to new clients inthe 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. CBG, based in Manchester, is a corporate general insurance, risk management and financial services intermediary. CBG Sports Limited, which will be owned equally by Formation and CBG, willprovide Kingsbridge with increased cross-selling opportunities and enableKingsbridge to provide a wider range of insurance services to its existingclient base. In addition to its football clients, Kingsbridge also advises clients from other sports such as rugby, cricket, golf and racing. Kingsbridge is an appointed representative of CBG Carpenter Rees Jackson Limited, a wholly owned subsidiary of CBG. The Chairman of CBG, Laurie Turnbull, is also a non-executive director of Formation. Commenting on the deal, Chief Executive Neil Rodford said: "This is an exciting development for our wealth management subsidiary,Kingsbridge. We believe there is significant scope for us to develop thebusiness and this joint venture should help us to leverage opportunities." ---ends--- Enquiries: Formation Group PLC01625 539 832Neil Rodford Biddicks020 7448 1000Katie Tzouliadis This information is provided by RNS The company news service from the London Stock Exchange