Tue, 04 Mar 2014 | BUSINESS SALE
Beaumonts has bought the goodwill of Bradford-based insurance broker E Farley & Son.
The acquisition will see all of Farley’s staff and business transferred to its new owner, which is split between offices in Leeds and Bradford. Beaumonts, one of the UK’s largest independent insurance brokers, and Farleys will both retain their chartered status.
Beaumonts hopes the deal will help it surpass its target of £50 million in premium this year, although the company has revealed that it expects to complete another acquisition before the end of 2014. As well as its head office in Bradford and other main branch in Leeds, Beaumonts also has offices in Shrewsbury and Doncaster. In total the company, employs over 100 staff and has a general business income of more than £8 million.
Gary Proctor, Beaumonts’ director, said in a statement: "The minute we started talking the synergy was clear … both companies have attained the prestigious Chartered Broker status awarded by the Insurance Institute and both are committed to risk management and client service.
“The continued development of all the staff to achieve the highest standards of knowledge, professionalism and commitment is of paramount importance to both companies."
Stephen Howard, managing director of Farleys, added: "Although we have been a family business for over 80 years, the shared ethos of the two companies makes me very comfortable with the decision to join Beaumonts who are providing an assured future for all my staff. This, together with the ongoing service standards which our clients will enjoy means my two priorities have been achieved."
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