19th Jan 2006 15:49
Berkeley Berry Birch PLC19 January 2006 Berkeley Berry Birch plc ('BBB') Disposal of Private Insurance Portfolio division BBB, via its subsidiary, Berry Birch & Noble Insurance Brokers Limited, hasdisposed of the current client bank of its Private Insurance Portfolio divisionto the management team of that division for a consideration of £275,000. Private Insurance Portfolio is a trading style of Berry Birch & Noble InsuranceBrokers Limited and provides specialist insurance products to wealthyindividuals. The bulk of the business transacted is in respect of high valuehomes and their contents. The total premiums received by this division in the 12month period to 30 September 2005 were approximately £1.3 million, upon whichcommission income of around £0.3 million was earned. The gross assetstransferred with the business amount to approximately £2,000. This disposal will benefit the BBB Group by removing the financial commitment towhat was a start up enterprise. The new owners are committed to the financialinvestment needed for the future development of this business. It is anticipated that the sale proceeds will be applied to meeting the BBBGroup's working capital requirements. For further information contact Andrew Shortis, Group Managing DirectorBerkeley Berry Birch plc 024 7623 2176 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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