asb law advises on sale of credit insurance specialist
Published: 12 Dec 2019
asb law’s Corporate Finance team have advised the shareholders of CMR Insurance Services Ltd (CMR) in the sale of the company’s entire issued share capital to PIB Group Ltd (PIB).
CMR is a credit insurance specialist and has been providing managed credit insurance policies for over 25 years. Based in Surrey, the company prides itself on offering high levels of customer service whilst enhancing credit control procedures to aid growing businesses.
PIB was founded in 2015 and is a rapidly growing insurance intermediary group which provides a range of specialist insurance solutions across the UK.
asb law’s Corporate Finance team headed by Partner and Head of Corporate Finance, Daniel Tozer, guided the sellers, Chris and Kim Hoy throughout the sale process. Daniel was supported by Helen Holden (Property), Emily Russell (Employment) and Lawrence Moran (Corporate support) and worked closely with Kreston Reeves who advised the sellers on the tax structure of the deal.
Speaking of the sale, Dan Tozer said, “We are delighted to see this deal over the line. We have a lot of experience acting within the insurance broking industry and this deal sees the sale of another great independently run business in a market full of consolidation. Chris and Kim have been wonderful to work with; this deal is the result of their hard work and dedication, and we wish them all the success in the future.”
Shareholder, Chris Hoy said "Daniel Tozer and his team at asb law are a great testament to how working on a complex sale can become a smooth process. Their steadfastness in getting the deal done and working professionally in our best interest has been a great comfort in what can be a stressful period. All at CMR are delighted to now be part of PIB Group and with asb’s guidance have achieved all that we wanted for every stakeholder in the business."