Worthing-based insurance broker Argyll is looking to set up a Lloyd's broking business by the end of 2004.

Argyll chairman Kevin Young explained that buying brokers in the run up to FSA regulation would be an increasingly risky business. Instead, to meet growth targets, Argyll would switch its strategy to the London market.

He said: "We are looking to recruit individuals or teams rather than businesses. There are a lot of good broking teams out there, who have become disgruntled by the uncertainties forced upon them by the larger mergers and acquisitions."

Argyll holds a provisional licence to become a Lloyd's broker.

Argyll group (including broking and financial services) posted a total turnover of £2.64m for the year end 2003 up from £2.15m for the same period in 2002. Pre-tax profit for 2003 was £310,528.

The group's broking subsidiaries recorded a turnover of £1.92m for year end 2003, recording a pre-tax profit of £260,904.

This compares to £1.41m turnover and £88,816 pre-tax profit for year end 2002.