Close Brothers Group

Close Brothers Group plc
Company typePublic
LSE: CBG
IndustryFinancial services
Founded1878; 147 years ago (1878)
FounderWilliam Brooks Close
HeadquartersLondon, EC2
United Kingdom
Key people
Products
  • Merchant banking
  • Securities
  • Wealth management
RevenueDecrease £932.6 million (2023)[1]
Decrease £112.0 million (2023)[1]
Decrease £81.1 million (2023)[1]
Number of employees
3,700 (2024)[2]
Websitewww.closebrothers.com

Close Brothers Group plc is a UK merchant banking group which provides lending, takes deposits, manages wealth and trades in securities. The company is listed on the London Stock Exchange.

History

Close Brothers was founded in 1878 by William Brooks Close and his brothers Fred and James Close, who started offering farm mortgages in Sioux City, Iowa.[3][4] In 1897, William Brooks Close paid £10,000 to the US government for the right to build Alaska's first railway the White Pass and Yukon Route.[5]

The company was the subject of a management buy-out in 1978 and was first listed on the London Stock Exchange in 1984.[6] In the 1980s and 1990s, the company expanded through the acquisition of a specialist businesses including Winterflood Securities in 1993,[6] Hill Samuel's Corporate Finance Division in 1996[7] and Rea Brothers (established 1919) in 1999.[8]

In March 2008, Close Brothers acquired UK short-term and bridging lender Commercial Acceptances Group for around £31m.[9] In December 2008, it was confirmed that Close Brothers Private Equity would be spun off as CBPE,[10] and, in May 2009, it was announced that the corporate finance business was to be acquired by Daiwa Securities SMBC, a Japanese investment banking venture, leaving Close Brothers focused on capital markets, securities trading, lending and investment management.[11] The corporate finance business would be renamed to DC Advisory.[12]

Close Brothers disposed of Close Brothers Seydler Bank AG, its securities business in Germany, to Oddo & Cie in 2014,[13] and sold Close Brothers Retail Finance to Klarna, the Swedish online financial service provider, in September 2018.[14][15]

In July 2021, Close Brothers acquired PMN Financial Management for an undisclosed amount. The Surrey based independent financial advice firm brought £300m of assets with it.[16][17] In September 2023, Close Brothers acquired Bluestone Motor Finance, an Irish provider of motor finance,[18][19] and, in December 2023, Close Brothers agreed to acquire Bottriell Adams, an independent financial advisor (IFA) based in Dorset, England, for £220 million.[20][21]

Operations

Close Brothers Banking division lends to small and medium-sized businesses and individuals and offers deposit taking.[22]

Winterflood, a market maker in the UK, trades in relevant MTFs and major dark pools and covers nearly all LSE listed stocks, as well as Alternative Investment Market (AIM) and ICAP Securities and Derivatives Exchange.[23]

The company's chief executive is Adrian Sainsbury, who has been in the role since September 2020. The company faced criticism over the size of his pay increase in November 2021.[24] Its board has been chaired by Mike Biggs since May 2017.[25]

References

  1. ^ a b c "Annual Report 2023" (PDF). Close Brothers. Retrieved 12 February 2024.
  2. ^ "Who we are". Close Brothers. Retrieved 12 February 2024.
  3. ^ "Farming the Virgin Land 1878–1879". The Iowa Genealogy Web Project. Retrieved 16 March 2019.
  4. ^ "Close Brothers shares shoot up on talk of takeover". The Guardian. 15 December 2007. Retrieved 16 March 2019.
  5. ^ "White Pass and Yukon Route Facts". White Pass and Yukon Route. Retrieved 16 March 2019.
  6. ^ a b "Close Brothers buys half of Mako". FT. 19 August 2007. Retrieved 16 March 2019.
  7. ^ "Era ends as Hill Samuel loses its deal-makers". The Independent. 1 June 1996. Retrieved 16 March 2019.
  8. ^ "Rea takeover puts Close in spotlight". The Guardian. 22 July 1999.
  9. ^ "Close Brothers acquires two specialist lending businesses/". Compelo. 27 March 2008. Retrieved 16 March 2019.[permanent dead link‍]
  10. ^ "Close Brothers Private Equity spins out". Private Equity International. 4 December 2008. Retrieved 22 June 2024.
  11. ^ "Close Brothers sells corporate finance arm in £75m deal". The Telegraph. 18 May 2009. Retrieved 16 March 2019.
  12. ^ Vaughan, Liam (26 April 2011). "DC Advisory Partners shrugs off false start". Financial News.
  13. ^ "Oddo & Cie completes acquisition Seydler". Investment Europe. 7 January 2015. Retrieved 16 March 2019.
  14. ^ Walker, Peter (2018-09-14). "Klarna buys Close Brothers Retail Finance". Retail Systems. Retrieved 2024-03-19.
  15. ^ "Klarna grows again, acquiring close brothers retail finance to strengthen position in UK market | The Payments Association". The Payments Association. 2018-10-02. Retrieved 2024-03-19.
  16. ^ "Close Brothers AM acquires IFA". www.ftadviser.com. Retrieved 2024-03-20.
  17. ^ "Close Brothers Asset Management buys PMN Financial Management". Private Banker International. 2021-07-22. Retrieved 2024-03-20.
  18. ^ "Close Brothers re-enter Irish motor finance market with acquisition of Bluestone Motor Finance". The Irish Times. Retrieved 2024-04-07.
  19. ^ "Close Brothers to acquire Irish motor finance specialist Bluestone Motor". Business-News-Today.com. 2023-09-20. Retrieved 2024-04-07.
  20. ^ Sidhika, Anika (2023-12-13). "Close Brothers AM purchases IFA business". Private Banker International. Retrieved 2024-04-26.
  21. ^ Cooper, Dan (2023-12-13). "Close Brothers Asset Management acquires IFA business". Money Marketing. Retrieved 2024-04-26.
  22. ^ "Close Brothers' lending still healthy". Investors Chronicle. 27 September 2016. Retrieved 16 April 2016.
  23. ^ "Winterflood Securities selects BNY Mellon for clearing and custody". Global Custodian. 25 April 2016. Retrieved 16 March 2019.
  24. ^ "Close Brothers faces investor revolt over huge pay rise for boss". Sky News. 11 November 2021. Retrieved 28 September 2022.
  25. ^ "Ex-Resolution chief Biggs joins Close Brothers". CityWire. 14 March 2017. Retrieved 28 September 2022.

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