Acquisition
11 November 2005
The Board of Jelf Group plc ("Jelf Group" or the "Company"), an established corporate intermediary, today announces that it has acquired Farndale Hammond (Healthwise) Ltd, a healthcare benefits consultancy based in Ringwood, Hampshire.
The precise terms of the deal are subject to confidentiality agreements but the maximum consideration of c. £0.5m is based on levels of renewal business and is subject to the usual clawbacks if targets are not met during the earn out
period.
Jelf Group plc is based primarily in the West Country and Wales and offers a range of corporate services principally in the areas of commercial insurance, commercial finance, healthcare, employee benefits and financial planning.
The acquisition will include the transfer of all staff from Farndale Hammond (Healthwise) Ltd who will continue to be based in Ringwood, establishing a new office for the Jelf Group.
Commenting on the acquisition, Jelf Group's CEO Alex Alway said:
"We are delighted to announce the acquisition of the Healthwise business and its dedicated team. The purchase further extends our coverage in the South West. Our expectations are that we will release the full potential of the customer base by offering our wider range of services."
Further information from:
JM Finn & Co
Sam Smith
Tel: 020 7628 9688
Jelf Group plc Alex Alway (Group Chief Executive)
Tel: 01454 272799
Phil Barton (Group Commercial Director)
Tel: 01454 272754