Broker reveals that recently-announced Clydesdale funding is £3m
Broking group Higos has agreed to buy Clevedon-based broker AJP Partnership.
The companies exchanged contracts on 6 July and expect the transaction to complete on 1 October this year, according to Higos’s most recent accounts.
Higos did not disclose how much it was paying for AJP.
The company also revealed in its accounts that the recently-announced financing it received from Clydesdale Bank totals £3m.
The company has already drawn down £1.1m of the Clydesdale funding to repay its previous bank debt from Barclays as well as a number of small trade loans.
The remaining £1.9m will be used to finance future acquisitions and for working capital.
AJP will be the latest in a line of acquisitions for Higos. The company bought Avalon Insurance Brokers in February this year.
In March last year Higos bought Fareham-based schemes broker John Beard & Son for £1.27m. The deal also included commercial broker ART Jeffries (Tichfield).
In the final quarter of the year the company also acquired a golf professional and small commercial portfolio which was absorbed into the Somerton Underwriting Centre.
Higos enjoyed a 53% boost in earnings before interest, tax, depreciation and amortisation in 2014.
However, the group made a pre-tax loss of £823,596, largely because of an accounting change governing how quickly goodwill is amortised.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet