Broker Network has acquired WEM Insurance Brokers with the final purchase of depending on the performance of the business over the next two years.
It said the deal was expected to go through for between £200,000 and £300,000, with approximately 50% of the consideration deferred until the end of the two-year period. For 2003, WEM reported revenue of £231,000.
All staff have been retained, along with the WEM name. Chris Weal will assume responsibility for managing the WEM branch.
Broker Network has completed four acquisition since the beginning of 2004 and has plans for a further 22 acquisitions by the end of April 2006. It said this acquisition was in line with its stated intention to acquire members whose principals wished to exit or retire
Chief executive Grant Ellis said: “We are delighted to confirm the completion of our fifth acquisition of 2004, and look forward to pushing forward with our plans for acquisitive growth over the next five years.
“While we appreciate that individually, each of the businesses we have acquired so far is fairly small, they do operate in a very strong niche and by gathering them together under common ownership we are able to exploit significant economies of scale.
