Barbon Insurance Group has announced a cash incentive for employees who provide tips that lead to acquisitions.
Barbon has promised 0.5% of the sale price up to a maximum pay out of £25,000 to any member of staff that puts the acquisition task force in touch with a business that subsequently becomes part of the group.
Payment will be made upon completion of the deal. In addition, £1000 will be paid where a referral leads to a first meeting.
The move is designed to bolster Barbon's pipeline of acquisition opportunities for 2011 and beyond.
This latest initiative follows the successful acquisition last November of Teignmouth-based Rentshield, a specialist in residential lettings, with a strong customer base across the South West of England.
Head of acquisitions and group managing director Nick Sharp said: “The acquisition team is in discussions with several potential purchases, but it is essential that we keep building our pipeline to maintain momentum going forward.”
“This initiative will also help engage employees and encourage a wider understanding of our growth strategy. We are asking them to consider friends, relatives or other contacts that either own or work for a company that fits into our target criteria of being property specialists with at least 50% of their business in key areas.”
“We do not expect all of them to come to fruition, but it will help strengthen our network of contacts and stimulate further growth in the longer term.”
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