Bruce Stevenson has acquired fellow Edinburgh-based broker Annandale.
Annandale, which development and marketing director at Bruce Stevenson, Alan Russell described as a "typical small composite", ...
Bruce Stevenson has acquired fellow Edinburgh-based broker Annandale.
Annandale, which development and marketing director at Bruce Stevenson, Alan Russell described as a "typical small composite", has premium income of £1.2m.
He said that it was having trouble getting access to insurers and that forthcoming FSA regulation was also a factor in its decision to sell.
Two members of Annandale's staff have joined Bruce Stevenson, while another two have been made redundant.
Russell said that Bruce Stevenson, which will record premium income of £15m this year, would look to continue to grow through acquisitions and was in discussions with another broker in the West of Scotland, which it could integrate into its Glasgow office.
He said that the company, which will soon relocate to a new office in Edinburgh, has space for an additional 15 staff and was also considering moving into Northern England in its quest for growth.
