VALUATION REPORT

Crescent Global Ltd

Company Number: 06911081

Prepared: 27 February 2026 | CONFIDENTIAL

Purpose: Acquisition valuation for a foreign entity seeking to establish a Lloyd's insurance broking operation in the United Kingdom

Basis: Desktop valuation based on publicly available Companies House filings

Status: CONFIDENTIAL — FOR DISCUSSION PURPOSES ONLY

1. Executive Summary

Crescent Global Ltd is a UK-registered private limited company incorporated on 20 May 2009, currently registered at 5 Jewry Street, London EC3N 2EX — a prestigious address in the heart of the London insurance market, adjacent to Lloyd's of London.

The company has operated as a business support services entity (SIC 82990) within the London insurance market ecosystem. It has been filing micro entity accounts since transitioning from dormant status in 2021, indicating a small but active operation.

Ownership has recently transferred from Silverbrook Holdings Ltd (formerly Crescent Global Holdings UK Ltd) to Connectuw Holdings Ltd (company 13837797) as of March 2025, which now holds 75%+ of shares and voting rights with the right to appoint/remove directors.

Estimated Valuation Range

£150,000 — £500,000

Shell entity basis (no confirmed FCA/Lloyd's authorization)

Strategic Premium: For a foreign buyer seeking a Lloyd's broking platform, the value could be significantly higher — potentially £750,000 — £2,000,000+ — depending on whether the entity holds or can expedite FCA authorization and Lloyd's broker accreditation.

2. Company Overview

ItemDetail
Company NameCrescent Global Ltd
Company Number06911081
StatusActive
TypePrivate Limited Company
Incorporated20 May 2009 (17 years)
Registered Address5 Jewry Street, London EC3N 2EX
SIC Code82990 — Other business support service activities n.e.c.
Accounting Reference31 December
Last Accounts FiledMicro entity accounts to 31 December 2024

2.1 Previous Names

NamePeriod
Crescent Global Ltd20 May 2009 — 4 Dec 2019
Crescent Global Worldwide (UK) Ltd4 Dec 2019 — 15 Jan 2021
Crescent Global Ltd15 Jan 2021 — present

2.2 Registered Address History

The company has maintained addresses exclusively within the EC3/EC4 London insurance district:

PeriodAddress
2009–20192nd Floor, Regis House, 45 King William Street, EC4R 9AN
2019–2021Boundary House, 7-17 Jewry Street, EC3N 2EX
2021–20253 Lloyd's Avenue, EC3N 3DS
2025–present5 Jewry Street, EC3N 2EX

All addresses are within a 2-minute walk of the Lloyd's building, indicating deep roots in the London specialty insurance market.

3. Corporate Structure & Ownership

3.1 Current Structure

Connectuw Holdings Ltd (13837797)
    └── 75%+ ownership ──→ Crescent Global Ltd (06911081)

Connectuw Holdings Ltd became the person with significant control on 6 March 2025, replacing the previous parent Silverbrook Holdings Ltd.

3.2 Ownership History

PeriodControllerNature of Control
Apr 2016 — Oct 2016Mr Jamil Robert Elbahou (direct)75%+ shares, voting rights, appointment rights
Oct 2016 — Mar 2025Silverbrook Holdings Ltd (08404725)
fka Crescent Global Holdings UK Ltd		75%+ shares, voting rights, appointment rights
Mar 2025 — presentConnectuw Holdings Ltd (13837797)75%+ shares, voting rights, appointment rights

3.3 Officers

Current Director:

NameAppointedNationalityResidence
Mr Baiju Olickal Philip18 Sep 2019IndianUnited Kingdom

Former Directors:

NameAppointedResignedNationalityResidence
Mr Jamil El Bahou20 May 200918 Sep 2019AmericanBahrain
Mr Badih Salah Kazma18 Sep 201910 Aug 2021AmericanBahrain

4. Financial Analysis

4.1 Accounts History

PeriodTypeFiled
YE 31 Dec 2024Micro entity accounts24 Sep 2025
YE 31 Dec 2023Micro entity accounts2 Aug 2024
YE 31 Dec 2022Micro entity accounts22 Jun 2023
YE 31 Dec 2021Micro entity accounts23 Jun 2022
YE 31 Dec 2020Dormant company accounts18 Jun 2021
YE 31 Dec 2019Dormant company accounts12 Jan 2021

4.2 Key Observations

  1. Dormant 2019–2020: Filed dormant accounts for FY2019 and FY2020, indicating no significant accounting transactions during that period.
  2. Reactivation 2021: Transitioned from dormant to micro entity accounts from FY2021 onwards, indicating resumed trading activity.
  3. Micro Entity Classification: Qualifies as micro entity (turnover ≤ £632,000, balance sheet ≤ £316,000, employees ≤ 10).
  4. Limited Disclosure: Micro accounts provide only a balance sheet — no P&L, revenue, or cash flow data.
  5. Consistent Filing: All accounts filed on time, indicating good corporate governance.
  6. No Charges Registered: No mortgages or debentures, suggesting the company is debt-free.

5. Strategic Value Assessment

5.1 Strategic Assets

AssetValue DriverRating
Age & Track Record17 years incorporated (est. 2009). Established corporate history avoids scrutiny of newly formed entities.★★★★☆
London Market Address5 Jewry Street, EC3N 2EX — premium insurance district adjacent to Lloyd's.★★★★★
Clean Corporate HistoryNo charges, timely filings, no adverse remarks visible.★★★★☆
Insurance Market HeritagePrevious names and associated entities indicate longstanding involvement in (re)insurance.★★★★☆
SIC Code82990 — would need reclassification for insurance broking (66220).★★☆☆☆
FCA AuthorizationNot confirmed — critical factor requiring due diligence.⚠️ TBC
Lloyd's Broker StatusNot confirmed — single most important value driver.⚠️ TBC
Critical Due Diligence Required:
  1. FCA Authorization Status — authorized for insurance distribution (IDD)?
  2. Lloyd's Broker Accreditation — registered Lloyd's broker?
  3. Professional Indemnity Insurance — current PI cover?
  4. Client Money Permissions — CASS 5 status?
  5. Outstanding Liabilities — open E&O claims, complaints, regulatory actions?
  6. Tax Compliance — HMRC standing?
  7. Actual Balance Sheet — net asset position from micro accounts.

6. Valuation

6.1 Methodology

Given limited financial data (micro entity accounts, no P&L), we apply three approaches:

Approach A: Net Asset Value (Baseline)
Micro entity = maximum balance sheet total of £316,000. Likely net assets significantly lower.
Estimated NAV: £50,000 — £200,000

Approach B: Shell Company Premium
A clean, 17-year-old UK company in the London insurance district commands a premium over NAV.
Estimated shell value: £150,000 — £300,000

Approach C: Strategic/Platform Value
If FCA authorized and/or Lloyd's broker, the platform value is substantially higher due to the 12–24 months saved on authorization.
Estimated platform value: £750,000 — £2,000,000+

6.2 Valuation Summary

ScenarioLowMidHigh
A. Shell only (no FCA/Lloyd's)£150,000£225,000£300,000
B. FCA authorized (no Lloyd's)£400,000£650,000£1,000,000
C. FCA + Lloyd's broker£750,000£1,250,000£2,000,000+

7. Cost Analysis: Establishing a Lloyd's Insurance Broker in the UK

Comprehensive cost breakdown for a foreign entity seeking to establish and operate a Lloyd's insurance broking operation in London.

7.1 FCA Authorization

ItemCostTimeline
FCA Application Fee£1,500 — £25,000—
Regulatory Capital RequirementMin €19,510 (IDD) or 4% of annual brokerageOngoing
For Lloyd's brokers: minimum own funds£100,000+Ongoing
Compliance Consultant (application prep)£30,000 — £80,0003–6 months
FCA Review Timeline—6–12 months
Total FCA Setup£50,000 — £120,0009–18 months

7.2 Lloyd's Broker Registration

ItemCostTimeline
Lloyd's Broker ApplicationNo direct fee (significant compliance overhead)—
Lloyd's Broker Minimum CapitalNTA > £50,000 (realistically £250,000+)Ongoing
Lloyd's IT Systems (PPL, etc.)£15,000 — £30,000/year1–3 months
Total Lloyd's Registration£75,000 — £150,0006–12 months (after FCA)

7.3 Professional & Advisory Costs (Annual)

ItemAnnual Cost
External Compliance Officer / MLRO£40,000 — £80,000
External Actuarial Support£20,000 — £50,000
Legal Advisors (regulatory specialist)£30,000 — £60,000
External Auditor (FCA requirement)£15,000 — £40,000
Professional Indemnity Insurance£25,000 — £100,000+
Accounting & Tax£10,000 — £25,000
Total Annual£140,000 — £355,000

7.4 Staffing — Minimum Viable Operation

RoleAnnual Salary (London)Required?
Managing Director / CEO£150,000 — £300,000 + bonusYes
Compliance Officer / MLRO£80,000 — £120,000Yes (FCA)
Senior Broker(s) × 2–3£100,000 — £200,000 each + bonusYes
Account Handlers × 2–3£40,000 — £70,000 eachYes
Claims Handler£45,000 — £75,000Recommended
Finance / Accounts£40,000 — £65,000Yes
Office Manager / Admin£30,000 — £45,000Yes
IT Support£50,000 — £70,000Recommended
Total (8–10 staff)£650,000 — £1,200,000
Broker Recruitment Premium: Senior Lloyd's brokers with established client books command signing bonuses (£50,000–£200,000), guaranteed bonuses for years 1–2, and revenue-sharing. Hiring 2–3 experienced brokers could cost £500,000–£1,000,000+ in year 1 alone.

7.5 Office & Infrastructure (Annual)

ItemAnnual Cost
London EC3 Office (10–15 people, £60–120/sq ft)£80,000 — £180,000
Office Fit-out (one-time)£50,000 — £150,000
IT Infrastructure & Broking Systems£30,000 — £60,000
Lloyd's Placing Platform / PPL£15,000 — £30,000
Telecoms, connectivity, cloud£15,000 — £30,000
Total Annual£150,000 — £325,000

7.6 Working Capital & Funding

ItemAmount
FCA Regulatory Capital£100,000 — £250,000
Operating Losses Year 1–2£500,000 — £1,500,000
Broker Hire Incentives£250,000 — £1,000,000
Contingency£200,000 — £500,000
Total Working Capital£1,050,000 — £3,250,000

7.7 Total Year 1 Investment Summary

Total Year 1 Investment Required

CategoryLowHigh
Acquisition of Crescent Global Ltd£150,000£2,000,000
FCA & Lloyd's Authorization£125,000£270,000
Professional & Advisory (Year 1)£140,000£355,000
Staffing (Year 1)£650,000£1,200,000
Broker Recruitment Incentives£250,000£1,000,000
Office & Infrastructure£200,000£475,000
Working Capital & Regulatory Capital£1,050,000£3,250,000
TOTAL YEAR 1£2,565,000£8,550,000

7.8 Acquisition vs. Greenfield Comparison

FactorAcquire Crescent GlobalGreenfield New Entity
Time to Market6–12 months18–30 months
FCA Application RiskAvoided (if authorized)30%+ rejection/delay risk
Lloyd's Credibility17-year entity with market historyNew entrant — harder to build trust
Upfront CostHigher (acquisition premium)Lower (but longer burn)
Total 3-Year CostLower (faster to revenue)Higher (extended pre-revenue)
Key RiskInherited liabilitiesExecution risk on authorization
Recommendation: For a foreign entity, acquiring an existing FCA-authorized and/or Lloyd's-registered broker shell is almost always preferable to greenfield. The 12–24 month time saving on authorization alone justifies a significant acquisition premium, as operating losses during the waiting period typically exceed the shell premium.

8. Important Disclaimers

  1. This valuation is based solely on publicly available information from Companies House and does not incorporate private financial data, management accounts, or internal projections.
  2. Micro entity accounts provide minimal financial disclosure. A full valuation requires access to management accounts, P&L statements, client lists, and revenue data under NDA.
  3. The FCA authorization and Lloyd's broker status of Crescent Global Ltd has not been confirmed in this report. These are critical valuation drivers requiring due diligence.
  4. This report does not constitute professional financial advice. The buyer should engage qualified M&A advisors, regulatory lawyers, and accountants.
  5. Regulatory costs and requirements are based on current FCA and Lloyd's rules as of February 2026 and are subject to change.
  6. All figures are estimates based on market knowledge. Actual costs may vary significantly.

Report Prepared By: Desktop Valuation Service

Date: 27 February 2026 | Reference: CGL-VAL-2026-001

CONFIDENTIAL — FOR DISCUSSION PURPOSES ONLY