Thornway Insurances to be part of Cobra’s Manchester hub

Cobra has bought Manchester commercial broker Thornway Insurances for just over £1m in cash and shares and will integrate it with its Manchester hub.

Thornway's most recent audited accounts for the year ended 30 July 2008 and showed turnover and profits before tax of £407,485 and £153,305. Its net assets were £292,449.

The company said: “Application will be made to London Stock Exchange plc for the admission of 1,000,000 new COBRA shares, allotted to the vendors of Thornway, to trading on AIM and dealings are expected to commence on 2 March 2009.”

Steve Burrows, Cobra chief executive said: “I am delighted to welcome Thornway and its clients to the COBRA Group.”