Scottish insurance broker Giles has bought West Midlands-based firm Cottle, as part of its expansion strategy and to strengthen its English market position.
Giles, Scotland's largest independent broker, said Halesowen-based Cottle had a turnover of £6m and 25 staff. There will be no redundancies.
The new company will be called Cottle Giles. It will also have a specialist financial services division called Cottle Passman Giles.
Giles chief executive Chris Giles said: "Although we have been acquiring companies over the past year or so, this is a significant investment for us and will grow the Giles operation by almost a third.
"However, we have ambitious plans to develop the business over the next three years and would estimate the creation of a further 20 jobs in that process."
Giles's acquisition strategy is part of its plan to list in 2004. The company posted turnover of £23m last year and plans to double pre-tax profits to £2m in 2002.
