Broker 'absolutely not for sale' as Slade confirms two new acquisitions

Speculation that Perkins Slade is to be the subject of a Towergate takeover has been rebuffed by the broker, which is set to make two acquisitions in the coming weeks.

Perkins Slade chief executive David Slade said the broker was "absolutely not for sale".

He ruled out becoming a branch office of an acquiring broker, adding that he would prefer to consolidate business centres in the Midlands and London.

"I don't see the point of having lots of branch offices," he said. "Maintaining staff ethos is difficult if you have lots of offices, and I don't think the profit margins are there. We are happy for business to come to us."

Slade told Insurance Times that two acquisitions had been agreed. He did not name the brokers but said the first was in London and the second in Birmingham.

One of the brokers specialises in focused niche products while the other in corporate and commercial. Combined they will represent 25% of Perkins Slade income and add up to 25 new employees to its existing staff.

Earlier this year Slade announced that the company would target five key areas during 2005 to double its GWP to £12m by 2008.