Broking group picks up Thornway

Cobra has continued its acquisition strategy in the North West after buying another Manchester broker.

The AIM-listed broking group has bought Thornway Insurances for more than £1m in cash and shares.

Thornway had turnover of £407,485 and pre-tax profit of £153,305 in the year to 30 July 2008. It will be integrated into Cobra’s Manchester hub, UK & Ireland Insurance Services, bought in October 2007.

In April 2008 Cobra acquired another Manchester broker, JK Lee, for almost £2m..