Nexus Group’s recently launched London-based independent broking arm, Xenia Broking Group, has completed the takeover of Credit & Business Finance Ltd (CBF), its first acquisition.
Xenia’s first acquisition marks number 14 for Nexus Group. CBF, a specialist trade credit broker with more than 20 staff, is the second trade credit broker Nexus has acquired, following the purchase of Credit Risk Solutions (CRS) in 2017.
The latest takeover underlines Nexus Group’s strategy of combining merger and acquisition (M&A) and organic growth to develop the independent broker in the trade credit market.
Following the acquisition, the management team at CBF, Trevor Price, Matthew Green and Mark Kennedy, will continue to run the business post-transaction from their current offices. Furthermore, they will join the CRS Directors on the Board of Xenia. Over-time, the two businesses are expected to integrate with the process being driven by the Directors of Xenia.
Xenia’s Chief Executive Officer (CEO), Tim Coles, said: “We are excited to welcome the CBF team to Xenia and very much look forward to working with them. We previously set out our stall to establish the leading independent trade credit broker. For a business of the quality of CBF to join us this goes a long way to realising this vision and strategy.
“We believe that Xenia provides the right environment for those organisations who share our core values of client focus, innovation and entrepreneurialism, to work together as we develop this leading independent broking capability for the benefit of our clients.”
The acquisitions of both CRS and CBF, sees Xenia combine the two largest producers of ‘new to market’ business, and will subsequently hold a 11%+ share of the estimated £350 million gross written premiums (GWP) for the UK trade credit broking market.
Managing Director of CBF, Trevor Price, added: “This is a milestone in CBF’s journey. We are all delighted to be joining such a forward thinking and dynamic company as Nexus and in particular to be joining with CRS in building the Xenia business. This was too good an opportunity to pass up, particularly at such an exciting time in our market’s evolution.
“We see many opportunities ahead of us with the strength and reach of our combined businesses, and look forward to meeting growing demand for expert, independent advice and insight into financial risks in a rapidly changing environment.”