Windsor has acquired London-based broker Anthony K Falcon...
Windsor has acquired London-based broker Anthony K Falcon (AKF) for a maximum of £4.2m.
Windsor made the acquisition through Condor Professional Indemnity, a newly established insurance intermediary, in which it owns a 51% stake.
At the same time, Condor acquired the entire share capital of AKF, the remaining shareholders being senior executives of AKF.
Ensuing consideration of up to £1,292,500 may become payable by Condor depending on the average profits after tax for both Condor and AKF for the financial years ending 31 May 2006 and 31 May 2007.
The deal went through for the initial cash consideration of £185,000, with a further £150,000 being dependent on the aggregated commission, brokerage and investment income of Condor and AKF for the period from completion to 31 May 2006.
