First acquisition since Groupama takeover moves Lark’s brokerage to £20m
Broker Lark has made its first acquisition, since it was bought by Groupama, in an effort to grow business in the South East.
The purchase of Hampshire-based Griffiths Good and Company moves Lark’s brokerage to £20m.
Lark chairman Graham Lark said the company’s strategy was to continue to grow by 20% every year, but it would focus only on attractive deals – not just acquisitions for the sake of rapid growth.
He said: “We will focus on quality over quantity.”
Griffiths has around £7m GWP, £1m revenue and 14 staff.
Roy Griffiths will retain management responsibility for the business.
Lark said: “We are delighted to add Griffiths Good and Company to the group.
“It is a top quality corporate broking business and the deal represents a further step towards our strategic objective to become one of the leading brokers in the South East.
“It is also our first acquisition since Groupama purchased a controlling stake in Lark last year.”
Lark said the broker would continue to maintain its independence and that there were no plans for it to become a tied agent.
Lark was bought by Groupama last September.
It employs 255 staff in six offices across London and the South East.