Completion of Acquisition
03 Septiembre 2007 - 2:01AM
UK Regulatory
RNS Number:1323D
Broker Network Holdings plc
03 September 2007
For Immediate release 3 September 2007
Broker Network Holdings plc
("Broker Network" or "the Group"))
Completion of Acquisition
Broker Network, a national insurance distribution business incorporating:
* a network for independent insurance brokers,
* a retail insurance broker for the provision of insurance advice to
businesses and private individuals across the UK, and
* a Lloyd's and London market wholesale insurance broker,
is today pleased to announce the completion of the acquisition of
commercial insurance brokers Sullivan Garrett Ltd ("Sullivan
Garrett" or "the Company").
Sullivan Garrett, based in Swindon, Wiltshire, has been a Member of
Broker Network since June 2000. The Company is being purchased in
line with the Group's proven acquisition strategy, providing one of
the retiring principles with an exit route, whilst offering Broker
Network the opportunity to increase earnings by taking advantage of
economies of scale and by retaining a higher percentage of premium
turnover.
A condition of the deal is that the purchase price parameters will
remain confidential. However, the Group confirms that this latest
acquisition is broadly in line with the other similar acquisitions
made to date.
Sullivan Garrett will join Broker Network Insurance Brokers
("BNIB"), our UK wide retail operation, alongside the nineteen
commercial insurance brokers previously purchased by the Group. The
Company will retain its brand identity, premises and people and will
continue to benefit from market leading business and insurer
services provided by the network business to all their Members.
Commenting on the acquisition today, Nigel Law, Managing Director of
BNIB said:
"AS BNIB continues to grow, we are of course delighted to be
welcoming Sullivan Garrett to the Group, and look forward to quickly
and efficiently integrating the Company into our thriving
operation."
Grant Ellis, Chief Executive of Broker Network Group, commented:
"We are pleased to see that our acquisition model remains both valid
and robust, within an industry which is dominated by consolidation
and change.
The purchase of Sullivan Garrett has been completed following
approval by the Financial Services Authority of the change of
control of the business.
-ENDS-
For further information, please contact:
Broker Network Holdings plc
Grant Ellis
Chief Executive 01423 877812
Julie Hale
Finance Director 01423 877826
Kelly-Ann Knight
Head of PR & Communications 01423 554147
www.brokernetworkgroup.co.uk
Cenkos Securities
Andy Roberts (Sales) 020 7397 1934
Ian Soanes (Corporate) 020 7397 8921
Notes to Editors
Key Facts:
*Broker Network Holdings plc listed on AIM in May 2004 at a price of 71p
per share.
*Today the company is capitalised at #58m
*Since listing on AIM, the Group has made 20 acquisitions, including the
one detailed above
*The Group employs over 350 people, with headquarters in Harrogate, North
Yorkshire
*There are currently 169 Members of the network business
*The total annual premium income of the Group exceeds #450m
Broker Network Holdings plc, trading as Broker Network Group, is the parent
company of 4 trading companies:-
Broker Network Limited
Broker Network is the trading name of The Broker Network Limited. It is the UK's
largest network of independent commercial insurance brokers. Broker Network
negotiates centrally with insurers or wholesale intermediaries using the full
combined weight of the Members and Members can place business via these
facilities. In addition, Broker Network provides Members with an extensive range
of business support services including marketing, compliance, IT, training and
human resource management.
Broker Network Insurance Brokers
BNIB is the retail arm of community insurance brokers, acquired from both within
and without Membership. It was established in 2004 to support Broker Network's
proposition for Members contemplating retirement. Members who have sold their
businesses to Broker Network benefit from a flexible deal structure, retaining
their company name, existing employees and often premises.
TL Risk Solutions
TL Risk Solutions, in which Broker Network Group owns a majority stake, is a
leading provider of risk management, healthcare and insurance advice to
businesses and private individuals across the UK. The business currently has
some 4,000 corporate clients and over 18,000 private clients and its principal
focus is on mid-sized corporate businesses in the UK and mid to high net worth
private individuals. The company places over #50 million GWP into the general
insurance and healthcare markets. Originally established as the insurance
broking arm of the Towry Law Group in 1965, it was sold to the Broker Network
Group on 01 July 2006, with the senior management team retaining a 25% stake in
the business.
Broker Network London Markets
BNLM is the trading name of London Broking Services. It was established to
provide Members with access to Lloyd's and London markets for insuring clients
involved in specialist or high-risk activities. Through BNLM, Broker Network was
the first network to receive full accreditation as a Lloyd's broker.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQQFLFXDVBEBBD
Broker Network (LSE:BNH)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Broker Network (LSE:BNH)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Broker Network (London Stock Exchange): 0 recent articles
Más de Broker Network Hldgs Artículos de Noticias