It is the first acquisition completed by the Burnley-based broker since it was acquired by GRP a year ago
GRP-owned Sagar Insurances (Sagars) has acquired Thomas Cook & Son Insurance Brokers (Thomas Cook).
The deal has received regulatory approval and the price is undisclosed.
It is the first acquisition completed by Burnley-based Sagars since it was bought by GRP 12 months ago. Sagars managing director John Meadows said he was confident of more acquisitions to come with the group’s backing.
Strategic fit
Meadows said: “This is an excellent transaction for Sagars and adds significantly to our local reach. The ability to complete deals of this kind was one of the reasons we became part of GRP. I’m confident we will continue to acquire other businesses in our area which have a sound strategic fit.
“I’m thrilled to welcome John Cook, managing director of Thomas Cook and his team to our business. John is staying with us after completion and he and the team will move into our office in Burnley.”
Established in 1946, Thomas Cook, also based in Burnley, specialises in hi-tech engineering and the entertainment industry.
Mike Bruce, GRP’s group managing director, said: “I’m delighted to welcome Thomas Cook to Sagars and am confident the combined business will continue to flourish with this.”
Bruce added that there would be “other deals in the pipeline”.
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