8th May 2006 09:15
Jelf Group PLC08 May 2006 Jelf Group plc ACQUISITION OF Brian D Thomas Insurance Services Ltd The Board of Jelf Group plc, a leading corporate intermediary in the South ofEngland and Wales, announces today that it has acquired Brian D Thomas InsuranceServices Ltd. Operating under the trading names of Thomas & Byrne Associates, Thomas Byrne &Walsh Associates and Jarvis & Byrne Associates, Brian D Thomas InsuranceServices Ltd is one of the most respected independent commercial insurancebrokers 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 withcomplementary operations in Cardiff and Bridgend. Following this acquisition theenlarged 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 clausesbut is in line with the market norms. There will be an initial consideration,paid at completion, with additional payments based on performance at definedstages. 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 theleading intermediary in the South of England and Wales. Acquiring one of thelargest and most reputable independent brokers in South Wales is directly inline with that objective. This acquisition offers the Group significantopportunities to cross-sell our full range of services whilst enhancing marginsas a result of the enlarged Group's buying power." Enquiries: Alex Alway, Group Chief Executive, Jelf Group plcJohn Harding, Group Finance and Operations Director, Jelf Group plc01454 272799 Alastair Cade/Jonny Franklin-Adams, Daniel Stewart & Company plc020 7776 6550 Ends Notes to Editors: Information on the Company • Jelf Group plc was founded by Chris Jelf in 1989. Today, the Company is an established corporate intermediary based in the South of England and Wales offering a range of corporate services principally in the areas of commercial insurance, healthcare, and financial services. Since incorporation, the Company has expanded the business both organically and through targeted acquisitions. Today the Group operates from 13 locations, advising over 12,000 corporate clients • Since the Company's flotation on AIM in October 2004, it has actively pursued an acquisition strategy, focusing on the South of England and Wales. As a result of a number of strategic appointments and acquisitions utilising existing cash flows and funds raised at the time of flotation, this strategy is delivering both organic and acquired growth. Significant commercial insurance and healthcare acquisitions include: o 2001 - Corporate Healthcare Management - Healthcare partnership o 2002 - Spring Gate Insurance - Purchase of a book of commercial insurance o 2003 - SLF Insurance (Services) Ltd - Purchase of a book of commercial insurance o 2003 - Kallender Walwyn Ltd - Purchase of commercial insurance business based in Trowbridge o 2003 - Pontin and Stein - Corporate Healthcare partnership o 2004 - Managed Healthcare Ltd - Acquisition of independent Somerset based brokerage specialising in healthcare and private medical insurance o 2005 - South West operations of insurance broker RK Harrison o 2006 - Goss Group - Acquisition of Reading based independent insurance broking and financial services group, one of the largest in South East England Further information is available on Jelf at the Company's website:www.jelfgroup.com. Information on Brian D Thomas Insurance Services Ltd Brian D Thomas Insurance Services Ltd was formed in 1978 and has grown to becomeone of the largest independent commercial insurance brokers in South Wales.Trading under the titles of Thomas & Byrne Associates from its Swansea office,Thomas, Byrne & Walsh in Cardiff and Jarvis & Byrne Associates in Bridgend, thecompany has established an enviable reputation. Reasons for the Acquisition The Acquisition is in line with the Company's stated strategy of acquiringinsurance intermediaries and the Directors believe it to be a good fit with theCompany for the following reasons: • Strong corporate focus;• Greater insurance business buying power generating increased commission rates;• Generation of cross selling opportunities. Further Acquisitions As previously stated, the Board is actively pursuing a policy of growth throughacquisition. The Board is aware of a number of opportunities some of which,after careful consideration and due diligence, the Company hopes to be able toacquire in due course. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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