Thu, 10 Jun 2010 | BUSINESS SALE
Welsh insurance broker Moorhouse is planning to supplement its organic growth by acquiring another broker with up to £5 million of gross written premiums.
This move will involve Moorhouse purchasing a firm that will fit well within its existing core business areas (including SME business), or a firm with a model based around internet or call centre business.
The company has stated that this acquisition would be seen as a trial for potential takeovers in the future, adding however it would be stringent about such prospective takeovers. Moorhouse’s chairman, Lyndon Wood, explained that this acquisition is perfectly timed, with capital gains tax set to rise in the 22nd June emergency budget.
Mr Wood also stated that he is excited about the proposed acquisition but made it clear that his company would only plan further acquisitions if they are a good fit with Moorhouse, not just for the sake of expansion.
Moorhouse increased in size by more than double from 2006 to 2008, and is now about 30 per cent bigger than its closest rival.
The University of Wales named the company as the fastest growing broker in Wales in November of last year.
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