ACQUISITION OF Brian D Thomas Insurance Services Ltd
08 May 2006
The Board of Jelf Group plc, a leading corporate intermediary in the South of England and Wales, announces today that it has acquired Brian D Thomas Insurance
Services Ltd.
Operating under the trading names of Thomas & Byrne Associates, Thomas Byrne & Walsh Associates and Jarvis & Byrne Associates, Brian D Thomas Insurance Services Ltd is one of the most respected independent commercial insurance brokers in West Wales. The business has a premium income in excess of £9m (2005) serviced by 30 staff, the majority of whom are located in Swansea with complementary operations in Cardiff and Bridgend. Following this acquisition the enlarged Jelf Group's premium income is expected to be in excess of £85m.
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 at defined stages.
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 one of the largest and most reputable independent brokers in South Wales is directly in line with that objective. This acquisition offers the Group significant 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