Chief commercial officer Des O’Connor confirms the deal will be completed in early July
Broker Network is expecting to complete the acquisition of a seventh regional hub.
Chief commercial officer Des O’Connor confirmed the broker in question is currently one of Broker Network’s 150 premier members, and that the acquisition would push GWP for the partner division from £170m to around £200m.
He would not specify where the broker is geographically located, but the acquisition would form part of Broker Network’s plan to establish hubs across every region of the country.
Broker Network currently has six partner hubs. These are Finch (Berkshire), Boyd (Scotland), Thompson & Richardson (Lincolnshire), Saffron (Essex), Weald (Surrey) and Knighthood (West Sussex).
O’Connor said: “Moving forward we need to fill out the obvious gaps on the map.
“To do this it means we are looking for partners in the south west, Wales, the west midlands and the north east to name just a few.”
In addition, O’Connor confirmed he was hopeful of adding another broker to the list of partners before the end of the year to bring the total number of regional hubs to eight.
And he said the existing partners could complete another 4-5 satellite acquisitions of smaller brokers before the end of the year as well, all of which could bring GWP to £250m.
Read the full interview with Des O’Connor here.