Broker buys broker group boosting premiums to £40m.
Stackhouse Poland has pledged to maintain its “fierce independence” following its acquisition this week of David Fangen Holdings.
The broker, which has boosted its book by £10m to £40m GWP with the deal, has further acquisitions in the pipeline, and hopes to grow in the high net worth, commercial property and charities fields in particular.
Marketing director Keith Hester said: “In our business plan in 2007, we said we wanted to grow our commission revenue to £15m within five years. We are now at around £8m, so we are on target to achieve our goals.”
Hester said that the acquisition had been financed by Stackhouse Poland’s bank, adding: “We have no plans to look to private equity,” he said.
He declined to disclose the value of the acquisition of David Fangen, which is based in London, and includes W Burch & Son in High Wycombe.
David Fangen and Mark Shand, a director of W Burch & Son, have joined the Stackhouse Poland board.
In March, Stackhouse Poland acquired private medical insurance broker Healthcare Management Company, based in Stevenage.