Ward Evans Group, the commercial broker, is up for sale, industry figures have said.

Sources reported being offered the chance to buy the company for £1.4m.

A company spokeswoman was unable to deny Ward Evans was up for sale.

Ward Evans started in 1992 with no clients or income and now has offices in Birmingham, Glasgow, Leeds and London. It is known for its direct sales and schemes.

The company was ranked 42 in the Insurance Times Top 50 broker guide this year.

It disclosed brokerage of £12,291m in 2001, when it made a profit of £613,000 before tax.

In November Ward Evans announced its plans to break up into a general insurance operation and a financial services operation.