Heath Lambert commercial business bought with 12 staff
The Folgate Partnership snapped up its 26th acquisition as it confirmed a deal to buy a business with its team from Heath Lambert.
Folgate bought Vulcan Insurance Brokers based in Maidstone, Kent. Vulcan controls at least £6m of mainly commercial premiums.
Directors Alan McDougall and Paul Featherstone will continue to lead their staff of 12 under the new name of Folgate Risk Solutions (Maidstone).
It is the ninth acquisition in Folgate's southern region and will join brokers Duncan Pocock, Byas Moseley Fareham, Canterbury Insurance Practice, Clarke Cooper, Rickard Lazenby, Towergate Sharp Insurance Brokers, Pallett and Collins and Crossways.
Folgate chief executive Andy Homer said: "It will be our hub business in Maidstone, providing a nucleus for further acquisitions in the area."
The announcement followed confirmation that Folgate was buying a portfolio of small commercial business, together with ten staff, from Heath Lambert as reported in Insurance Times last month.
The business and staff will transfer to Folgate Sharp Insurance Brokers, based in Romford, Essex.
Heath Lambert business services managing director John Crisford said the business had produced only a "very small part" of the broker's revenues in the south of England.
The team concerned had been based in Woodford, Essex until that office was closed earlier this year.
Crisford said: "We recognised that it was in the best interest of both our staff and our clients to transfer the business to Folgate.
"We believe that both the staff and clients concerned will be happy with their new partners."
