CCV, Towergate's venture capitalist division, is set to sign its first broker deal this week.

The company has a war chest of £100m to spend on small-to-medium sized regional brokers.

The division began formally trading in April this year and is run by Tim Johnson, previously Towergate chief executive.

Its objective is to help brokerages controlling £10m GWP and under to raise capital which may be denied by other venture capitalist companies because the firms are regarded as too small.

Its funding is a combination of private shareholder funding and a partnership with the Bank of Scotland.

Johnson said: "We have a number of potential acquisitions currently in play. They are all high quality brokers with a combined GWP in the region of £80m.

"We believe that our investment offering is unique in that we are all speaking the brokers' language and can help them avoid some of the tortuous aspects of raising capital."