Integration of the two brokers now underway following receipt of FCA approval

Money handover

Jelf has completed its planned purchase of Yorkshire broker The Insurance Partnership Holdings (TIP).

The acquisition was announced on 13 May.

The completion of the deal follows receipt of approval from the Financial Conduct Authority (FCA). The integration of the two broking firms is now under way.

Jelf is paying an initial £12m for TIP in cash and shares, plus a deferred amount of £3.5m dependent on TIP’s performance.

The initial £12m will comprise comprise £8.9m cash and £3.1m in new Jelf shares to be issued to TIP senior management and sales staff.

Jelf announced today that it has issued 3.4 million new shares for this purpose.

Following the admission of the new shares to the London Stock Exchange’s Alternative Investment Market tomorrow, Jelf’s voting share capital will consist of 85.3 million ordinary shares.