Broker will retian its name after takeover by THB
PWS will retain its brand name and staff following the completion of its takeover by THB, its chief executive Stephen Card said this week.
PWS will act as a subsidiary of THB and the 78 staff currently working in the Minories office will move to THB’s offices in Leadenhall Street, he confirmed.
Card said one of the issues that delayed the deal was negotiations on how to define PWS employees’ direct pension scheme when the companies merged.
He added: "When the deal first collapsed, I thought that was it – it was over. I was absolutely devastated."
In January THB announced it had ended months of discussions with PWS Holdings for the acquisition of the Lloyd's broking division of PWS International, citing legal complexities.
Days later however, the acquisition was completed with THB purchasing the broking business and selected overseas interests of the PWS group for £8.5m in cash and loan notes.
PWS draws in business mainly from Asia, Latin America and the Middle East while THB focuses on the UK and US. Card said: “There is no overlap geographically, and on top of that, there is no overlap between the operating divisions of PWS and THB.”
Card will develop THB’s international business as the chief executive of THB International Holdings, dealing with the current PWS overseas subsidiaries.