Brokers in due diligence as deal nears conclusion

Birmingham-based broker Perkins Slade has accepted an offer from Oval to acquire the business, Insurance Times can reveal.

David Slade, chief executive of Perkins Slade, confirmed that an agreement had been reached with the consolidator after talks had been held with a number of other interested firms.

“We have signed an agreement with Oval and we are now proceeding with due diligence,” he said. “We are having frequent discussions about how the two businesses will work together.”

In January, Insurance Times revealed how Oval was set to begin talks with Perkins Slade, which has a brokerage of more than £7m according to its most recent accounts.

Slade said the deal should be completed by the end of May, despite sources suggesting that it would be pushed through before the Capital Gains Tax deadline on April 5.

Oval was unavailable to comment.