The Broker Network has acquired AJ Barter Insurance Brokers, its sixth broker acquisition since the beginning of 2004.

The acquisition will go through for a consideration of between £200,000 and £500,000, depending on the performance of the business over the next 36 months, said The Broker Network.

AJ Barter reported revenue of £170,000 for 2003.

Tony Barter will continue to manage the AJ Barter branch, based in Shepton Mallett, Somerset, with all staff retained, alongside the AJ Barter name.

The broker will use the Acturis electronic trading platform in line with all businesses acquired by The Broker Network.

The Broker Network said the acquisition was in line with its stated strategy of acquiring members who principals are looking to exit or retire.

The Broker Network chief executive Grant Ellis said: "The completion of this further acquisition brings our total this year to six. We are delighted that our strategy for acquisitive growth is progressing so successfully."