Nexus’ Xenia Broking Group acquires Credit & Business Finance

The newly formed independent broking arm of Nexus Group, called Xenia Broking Group, has acquired specialist trade credit broker Credit & Business Finance (CBF).

CBF has 21 staff and is based in Hertfordshire with three regional satellite offices.

Nexus said that this is Xenia’s first acquisition and the fourteenth purchase Nexus has completed in its history.

The deal is the second trade credit broker purchase Nexus has made since it bought Credit Risk Solutions (CRS) in October 2017. The company said the move reinforces the Nexus strategy of combining M&A and organic growth to build the leading independent broker in the trade credit market.

The current CBF management team, made up of Trevor Price, Matthew Green and Mark Kennedy, will continue to run the business post-transaction. They will join the CRS directors on the board of Xenia and the two businesses will integrate with the process driven by the directors of Xenia.

Nexus said that with the CRS and CBF deals secured, Xenia has united the two biggest producers of ‘new to market’ business and will hold in excess of 11 percent of the estimated £350m gross written premiums for the UK trade credit broking market.

Tim Coles, CEO of Xenia, said: “We are excited to welcome the CBF team 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.”

Trevor Price, managing director of CBF, 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.”

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