Two members of staff axed
Perkins Slade has made two staff redundant and frozen salaries and recruitment to help it through the downturn.
David Slade, non-executive chairman, described the action as modest and said that the broker was well-positioned.
He claimed the Birmingham-based broker still had good retention levels and was winning new clients from brokers taken over by consolidators.
He said: “The market is still competitive and we have to reflect that. Our customers are not paying more than they have to for their insurances, but we try and deal with that without moving business around.”
Slade said he wanted to drive up staff equity in the business, making it an employee-owned firm.
“More than 50% of our equity is held by our staff and we want to drive that up to 75% and beyond.”
Perkins Slade was last year subject to a takeover bid from Oval, but the deal eventually fell through.