Specialist broker, THB Group, has completed the acquisition of BEIB Equestrian Holdings (BEHL), which owns British Equestrian Insurance Brokers (BEIB).
The acquisition, which was originally announced on 20 February 2003, was completed with £2.3m in cash and a further £0.5m in new THB shares.
A THB statement added that it expects the new THB shares to be admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange on 11 April 2003.
BEIB has an annual turnover of £2.1m and employs 40 people in two offices in Tonbridge and London.
THB chairman Vic Thompson said: "We are delighted with the addition of BEIB to the THB stable of niche broking businesses.
"When we floated THB on the AIM market, we stated our intention to acquire well-run businesses capable of making a difference in their chosen niches. We believe that BEIB is an ideal fit with these criteria."
BEHL managing director Adrian Pratt said: "We have been keen to expand our business with the right partner and believe that this represents an excellent opportunity for all at British Equestrian to grow with a progressive business that shares similar values to our own.
"We anticipate that THB Group will extend BEIB's reach, particularly given its strong presence in the Lloyd's market."
