Croydon intermediary Burrows Keith has acquired the financial services division of Hanover Park Group, for an undisclosed sum.

Hanover Park managing director Keith Peraux said the group had been seeking a buyer for some time, so it could concentrate on its general insurance schemes.

He said: "Financial services is a difficult area of business and the increased administration costs associated with compliance issues means size has become important if a business is to be successful."

Burrows Keith has taken on eight staff from Hanover Park.