ACQUISITION OF Cherwell Insurance Management
01 June 2006
The Board of Jelf Group plc, a leading corporate intermediary in the South of England and Wales, announces today that it has acquired Cherwell Insurance Management.
Based in Long Hanborough, near Oxford, Cherwell is a General Insurance Broker with a premium income in excess of £4.5m (2005). The company employs 11 staff, including managing partners Mark Ace and Roy Haines who will be retained under the deal. Following this acquisition the enlarged Jelf's premium income is expected to be in excess of £90m.
The exact size and structure of the deal is subject to confidentiality clauses but is in line with the market norms. There will be an initial consideration, paid at completion, with additional payments based on performance over the next 3 years. Part of this consideration will be taken in the form of shares in Jelf Group plc.
Commenting on the deal, Alex Alway, Group Chief Executive at Jelf Group plc, said:
"The acquisition represents another step in the Group's strategy to be the leading intermediary in the South of England and Wales. Acquiring Cherwell extends the Group's influence and enhances the general insurance team in the South of England. This acquisition offers the Group more opportunities to cross-sell our full range of services whilst enhancing margins as a result of the enlarged Group's buying power."
Enquiries:
Alex Alway, Group Chief Executive,
Jelf Group plc
John Harding, Group Finance and Operations Director,
Jelf Group plc
01454 272799
Alastair Cade/Jonny Franklin-Adams,
Daniel Stewart & Company plc 020 7776 6550