Close Brothers Group

UK merchant banking group

Close Brothers Group plc

Company type| Public

Traded as

| LSE: CBG
FTSE 250 component
Industry| Financial services
Founded| 1878; 147 years ago (1878)
Founder| William Brooks Close
Headquarters| London, EC2
United Kingdom

Key people

* Mike Biggs (chairman)
* Mike Morgan (CEO)

Products|

* Merchant banking
* Securities
* Wealth management

Revenue|  £944.2 million (2024)[1]

Operating income

|  £142.0 million (2024)[1]

Net income

|  £100.4 million (2024)[1]

Number of employees

| 3,000 (2025)[2]
Website| www.closebrothers.com

Close Brothers Group plc is a UK merchant banking group which provides lending, takes deposits, manages wealth and trades in securities. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

## History

[edit]

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

[edit]

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 Mike Morgan, who has been in the role since January 2025[24] after superseding Adrian Sainsbury who stepped down from the role following a period of extended medical leave.[25] Its board has been chaired by Mike Biggs since May 2017.[26]

In 2024, a court ruled against Close Brothers and FirstRand Bank for mis-selling loans to car buyers. They had been paying commission to car dealers for recommending their loans, without the dealers revealing the commissions to the car buyers.[27] In 2025, Close Brothers cancelled its dividend and planned to raise £400 million to cover the compensation that would be due to borrowers and the costs of the court case.[28]

## References

[edit]

1. ^ a b c "Annual Report 2024" (PDF). Close Brothers. Retrieved 14 March 2025.
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. ^ Gonzalez, Alejandro (2025-01-08). "Close Brothers names new CEO as sector faces legal challenges". Motor Finance Online. Retrieved 2025-04-21.
25. ^ "Close Brothers CEO Adrian Sainsbury steps down following period of medical leave". Retrieved 2025-04-21.
26. ^ "Ex-Resolution chief Biggs joins Close Brothers". CityWire. 14 March 2017. Retrieved 28 September 2022.
27. ^ Makortoff, Kalyeena (25 Oct 2024). "Consumers win UK car finance case that could lead to billions in compensation". Guardian. Retrieved 18 March 2025.
28. ^ Partridge, Joanna (12 Feb 2025). "Car finance scandal: lender sets aside £165m for possible compensation costs". Guardian. Retrieved 18 March 2025.

* Banks portal

* v
* t
* e

Commercial and retail banks in the United Kingdom

Banking in the United Kingdom

Barclays|

* Barclays Bank

HSBC Holdings|

* First Direct
* HSBC UK Bank
* HSBC Private Bank
* M&S Bank

Lloyds Banking Group|

* Bank of Scotland
* Halifax
* Lloyds Bank

NatWest Group|

* NatWest
* Coutts & Co.
* Royal Bank of Scotland
* Messrs. Drummond
* Holt's Military Banking
* Ulster Bank
* Isle of Man Bank

Santander Group|

* Cahoot
* Cater Allen
* Santander UK

Wholly state-owned|

* National Savings and Investments
* UK Government Investments
* UK Asset Resolution

Challenger banks|

* Atom Bank
* Kroo
* Monzo
* Starling Bank
* Tandem Money
* Zopa

Other retail|

* Al Rayan Bank
* Aldermore
* AIB Group (UK)
* Allied Irish Bank (GB)
* AIB (NI)
* Bank of Ireland
* Chase UK
* The Co-operative Bank
* Smile
* Danske Bank
* easyMoney
* Handelsbanken
* Hodge Bank
* Kent Reliance
* Kingdom Bank
* Metro Bank
* Paragon
* Reliance Bank
* Secure Trust Bank
* Sainsbury's Bank
* Shawbrook Bank
* Standard Chartered
* Tesco Bank
* Triodos Bank
* TSB Bank
* Virgin Money
* Clydesdale Bank
* Yorkshire Bank
* Wesleyan Bank

Other commercial
and private|

* Arbuthnot Latham & Co
* Bank and Clients
* Butterfield Bank
* C. Hoare & Co
* Cambridge & Counties Bank
* Close Brothers Group
* Duncan Lawrie
* J.P. Morgan
* Kleinwort Hambros
* Rothschild & Co
* Unity Trust Bank
* Weatherbys

* Big Four banks are underlined and private banks are shown in italics

* v
* t
* e

FTSE 100 ← FTSE 250 companies of the United Kingdom → FTSE SmallCap

* 3i Infrastructure
* 4imprint
* Aberdeen Group
* Abrdn Asia Focus
* Aberforth Smaller Companies Trust
* Alfa Financial Software
* Allianz Technology Trust
* Alpha Group International
* AO World
* Apax
* Ashmore Group
* Ashoka India Equity Investment Trust
* ASOS
* Assura
* Aston Martin Lagonda
* Atalaya Mining
* Auction Technology Group
* AVI Global Trust
* Avon Technologies
* B&M
* Baillie Gifford Japan Trust
* Baillie Gifford US Growth Trust
* Bakkavör
* Balfour Beatty
* Baltic Classifieds
* Bankers Investment Trust
* A.G. Barr
* AJ Bell
* Bellway
* BH Macro
* Big Yellow Group
* BlackRock Greater Europe Investment Trust
* BlackRock Smaller Companies Trust
* BlackRock Throgmorton Trust
* BlackRock World Mining Trust
* Bloomsbury Publishing
* Bluefield Solar Income Fund
* Bodycote
* Breedon Group
* Bridgepoint Group
* British Land
* Brunner Investment Trust
* Burberry
* Bytes Technology Group
* C&C Group
* Caledonia Investments
* Capital Gearing Trust
* Carnival Corporation & plc
* Chemring
* Chrysalis Investments
* City of London Investment Trust
* Clarkson
* Close Brothers Group
* CMC Markets
* Coats
* Computacenter
* Cranswick
* Crest Nicholson
* Currys
* Deliveroo
* Derwent London
* discoverIE
* Diversified Energy
* Domino's Pizza
* Dowlais Group
* Drax Group
* Dr. Martens
* Dunelm Group
* Edinburgh Investment Trust
* Edinburgh Worldwide Investment Trust
* Elementis
* Empiric Student Property
* Energean
* European Opportunities Trust
* European Smaller Companies Trust
* Fidelity China Special Situations
* Fidelity Emerging Markets
* Fidelity European Trust
* Fidelity Special Values
* Finsbury Growth & Income Trust
* FirstGroup
* Foresight Environmental Infrastructure
* Foresight Group
* Foresight Solar Fund
* Frasers Group
* Future
* Gamma Communications
* GCP Infrastructure Investments
* Genuit
* Genus
* Global Smaller Companies Trust
* Goodwin
* Grafton Group
* Grainger
* Great Portland Estates
* Greencoat UK Wind
* Greencore
* Greggs
* Hammerson
* Harbour Energy
* HarbourVest Global Private Equity
* Harworth
* Hays
* Helios Towers
* Henderson European Trust
* Henderson Smaller Companies Investment Trust
* Herald Investment Trust
* Hg Capital Trust
* HICL Infrastructure Company
* Hill & Smith
* Hilton Food Group
* Hochschild Mining
* Hollywood Bowl Group
* Hunting
* Ibstock
* ICG Enterprise Trust
* IG Group Holdings
* Impax Environmental Markets
* Inchcape
* IntegraFin
* International Public Partnerships
* Invesco Asia Dragon Trust
* Investec
* IP Group
* Ithaca Energy
* ITV
* IWG
* Johnson Matthey
* JPMorgan American Investment Trust
* JPMorgan Emerging Markets Investment Trust
* JPMorgan European Discovery
* JPMorgan European Growth & Income
* JPMorgan Global Growth & Income
* JPMorgan Indian Investment Trust
* JPMorgan Japanese Investment Trust
* JTC
* Jupiter Fund Management
* Just Group
* Kainos
* Keller Group
* Kier Group
* Lancashire Holdings
* Law Debenture
* Lion Finance Group
* Man Group
* Marshalls
* ME Group International
* Mercantile Investment Trust
* Merchants Trust
* Metro Bank
* Mitchells & Butlers
* Mitie
* Molten Ventures
* Monks Investment Trust
* MONY Group
* Moonpig
* Morgan Advanced Materials
* Morgan Sindall
* Murray Income Trust
* Murray International Trust
* NB Private Equity Partners
* NCC Group
* NextEnergy Solar Fund
* Ninety One
* North Atlantic Smaller Companies Investment Trust
* Ocado
* Ocean Wilsons
* OneSavings Bank
* Oxford Instruments
* Oxford Nanopore Technologies
* Pacific Horizon Investment Trust
* PageGroup
* Pantheon Infrastructure
* Pantheon International
* Paragon Banking Group
* Patria Private Equity Trust
* PayPoint
* Pennon Group
* Personal Assets Trust
* Petershill Partners
* Pets at Home
* Playtech
* Plus500
* Polar Capital Global Financials Trust
* Pollen Street Group
* PPHE Hotel Group
* Premier Foods
* Primary Health Properties
* PRS REIT
* QinetiQ
* Quilter
* Rank Group
* Raspberry Pi Holdings
* Rathbones
* Renishaw
* RHI Magnesita
* RIT Capital Partners
* Rotork
* RS Group
* Ruffer Investment Company
* Safestore
* Savills
* Schroder AsiaPacific Fund
* Schroder Oriental Income Fund
* Scottish American Investment Company
* SDCL Energy Efficiency Income Trust
* Senior
* Sequoia Economic Infrastructure Income Fund
* Serco
* Shaftesbury Capital
* Sirius Real Estate
* Smithson Investment Trust
* Softcat
* Spectris
* Spire Healthcare
* Spirent
* SSP Group
* Supermarket Income REIT
* Syncona
* Target Healthcare REIT
* Tate & Lyle
* TBC Bank
* Telecom Plus
* Temple Bar Investment Trust
* Templeton Emerging Markets Investment Trust
* The Renewables Infrastructure Group
* TP ICAP
* Trainline
* Travis Perkins
* Tritax Big Box REIT
* TR Property Investment Trust
* Trustpilot
* Twentyfour Income Fund
* Vesuvius
* Victrex
* Vietnam Enterprise Investments
* VinaCapital Vietnam Opportunity Fund
* Vistry Group
* Volution
* W. A. G. Payment Solutions
* Warehouse REIT
* Watches of Switzerland
* Wetherspoon (J D)
* W H Smith
* Wickes
* Wizz Air
* Workspace Group
* Worldwide Healthcare Trust
* XPS Pensions
* Zigup

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template