18th Jul 2006 07:00
Jelf Group PLC18 July 2006 Jelf Group plc (the "Group") Disposal of Access Underwriting Agencies Ltd ("AUA") The Board of Jelf Group plc, has reached an agreement to dispose of the existingbook of business, including the database of supporting retail brokers, of AUA toHigos Insurance Services Limited, a specialist wholesale broking business. Thetransaction is due to complete on 31 July 2006. AUA was acquired as part of the acquisition of the Goss Group Limited. Thedecision was taken to dispose of AUA because its activities, as a wholesalebroker, are not core to the strategy of the Group. The disposal of AUA will havea positive impact on the Group's profit and loss account. The proceeds of the sale will take the form of an initial consideration followedby a further payment based on client retention in 12 months, and is in line withcurrent market practice. Enquiries: Alex Alway, Group Chief Executive, Jelf Group plc 01454 272727 Alastair Cade/Jonny Franklin-Adams, Daniel Stewart & Company plc020 7776 6550 Ends Notes to Editors: Information on Jelf Group plc • Jelf Group plc was founded by Chris Jelf in 1989. Today, the Group is an established corporate intermediary primarily 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 20 locations, advising over 14,000 corporate clients Further information on acquired companies and strategy is available on Jelf atthe Group's website: www.jelfgroup.com. 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 Group 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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