At least two Sterling Hamilton Wright departments to merge following sale
Folgate Partnership is to merge two Sterling Hamilton Wright (SHW) departments into Folgate businesses and drop the name on completion of its deal to buy the broker.
Market sources said Folgate planned to absorb Sterling Hamilton Wright Commercial, the London market arm, into Folgate London Market Operations and move the combined business into SHW's Canary Wharf offices.
Sterling Hamilton Wright Corporate is to be merged with Folgate's South East regional hub, Duncan Pocock.
It is understood that Sterling Insurance, SHW's parent company, has retained the rights to both the SHW name and logo.
Upon the announcement that the two firms were in talks, Folgate managing director Kenny Maciver said: "Sterling Hamilton Wright is a quality business with an excellent market reputation.
"This acquisition will bring 121 staff, strengthening our London market presence, and providing us with an exceptional wholesale distribution network."
Market sources reported the purchase price for SHW to be less than £3m. Both SHW and Folgate declined to comment.
The deal to buy SHW was due to be completed this week.
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