Cullum Capital Ventures (CCV) has announced its first acquisition and is set to complete more deals in the coming month.CCV, Towergate's venture capitalist division, acquired Ware-based broker Moffatt Saunders. The broker controls £9m gross written premiums (GWP).

The venture capitalist said Moffatt Saunders would continue to use its own brand and operate from its current offices under the management of Nick Amey and his team of 25 staff.

CCV chief executive Tim Johnson said the company would announce three further acquisitions in July with more to come in August. He confirmed that they were all UK based companies.

He said: "We have a number of acquisitions at an advanced stage, and

I am delighted that Moffatt Saunders is the first member of our new family."