Broker Network has made its largest acquisition to date with the...
Broker Network has made its largest acquisition to date with the purchase of Stirling-based broker Fraser Tennant Holdings.
Fraser Tennant Holdings has a gross written premium of over £9m.
The purchase, which comprises Denny Insurances Services of Stirling, Peacock Robertson of Glasgow, and Fraser Tennant of Perth and Kelso, was completed on 1 July following approval by the Financial Services Authority.
Broker Network said the purchase was its twelfth acquisition, its seventh since the company floated on the AIM in May 2004 and its second in Scotland.
The three sub companies will retain their separate trading identities in the local community, a key strategy of Broker Network's acquisitions. The businesses will also continue to operate from their existing premises and all employees will be retained.
Ian Bowie, managing director of Fraser Tennant, will become director of Scotland for Broker Network.
