3rd Jul 2006 07:00
Jelf Group PLC03 July 2006 Jelf Group plc (the "Company" or "Jelf") ACQUISITION OF Auto Business Solutions Ltd The Board of Jelf Group plc, a leading corporate intermediary in the South ofEngland and Wales, announces today that it has acquired Auto Business SolutionsLimited ("ABS"). Based in Chippenham, ABS is an asset finance broker employing 5 staff, includingmanaging director John Mitchell who will be retained under the deal. The exact size and structure of the deal is subject to confidentiality clausesbut is in line with market practice. There will be an initial consideration,paid at completion, with additional payments based on performance over the next2 years. As part of the deal John Mitchell will invest in shares of Jelf Groupplc at the current market price. Commenting on the deal, Alex Alway, Group Chief Executive at Jelf Group plc,said: "The acquisition of ABS strengthens the Group's newest division, Jelf CommercialFinance ("JCF"), adding knowledge and experience of vehicle and asset finance toour existing property and invoicing finance capabilities. The JCF propositionhas been well received by our clients and will play a growing role in ourstrategy of delivering organic growth by cross-selling a range of complementaryservices into our client base." Enquiries: Alex Alway, Group Chief Executive, Jelf Group plcPhil Barton, Group Commercial Director, Jelf Group plc 01454 272754 Alastair Cade/Jonny Franklin-Adams, Daniel Stewart & Company plc020 7776 6550 Ends Notes to Editors: • Jelf Group was founded by Chris Jelf in 1989. Today, the Jelf Groupoperates from a number of premises in the Southern England and Wales and offersan extensive range of corporate and private client services; • Jelf Commercial Finance Ltd (JCF) was launched in September 2005 toprovide property finance, invoice finance, asset finance and banking consultancyto the Group's clients. JCF is a member of the National Association ofCommercial Finance Brokers (NACFB); • The Group advises over 12,000 corporate clients, principally in respect of healthcare, commercial insurance, employee benefits and wealthmanagement services. These clients cover the spectrum from significant publiccompanies to small owner managed businesses. Core Jelf Group clients are mediumsized owner-managed businesses, typically employing between one to 50 staff, with a turnover of up to £10 million; • The Group has developed a corporate support infrastructure that hasenabled it to make a number of acquisitions over the last five years. Theseacquisitions span all core areas of the Group's business and have been made toeither supplement existing operations or to acquire a corporate client base thatcan be utilised by the enlarged Group. The significant acquisitions made in thecurrent financial year (since 1st October 2005) are as follows: o November 2005 - Healthwise Ltd - acquisition of independent corporate healthcare adviser based at Ringwood. o March 2006 - Goss Group Ltd - acquisition of a substantial commercial insurance and financial services intermediary based in the south east of England. o May 2006 - Brian D Thomas Ltd - acquisition of South Wales commercial insurance intermediary o May 2006 - Cherwell Insurance Management - acquisition of a commercial insurance intermediary based at Long Hanborough. Further information is available on Jelf at the Company's website:www.jelfgroup.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JLF.L