Homeserve has bought Improveline, the home insurance repairer, for £14m.

Homeserve said a further performance-related cash payment of up to £4m would be payable in 2007 and 2008.

The acquisition of Improveline follows Homeserve's purchase in December 2004 of Sergon BRM (now named Homeserve Property Repairs).

Improveline provides property repair services and currently has contractual arrangements with five household insurers. For the ten months to 31 October 2005, it reported a profit before tax of £1.2m on turnover for the period of £23.1m.

Richard Harpin, chief executive of Homeserve, said: "The acquisition of Improveline is a significant step in the growth of our emergency repair operations. The acquisition extends our relationships with insurers in the property services market while bringing the benefit of a directly employed network."

Topics