HMT provided transaction support services for Broker Network Holdings plc on the acquisition of Towry Law Insurance Brokers Ltd (“TLIB”).
Formed in 1994, Broker Network’s is an AIM listed network of over 130 independent “community” insurance brokers. The Members, who retain their trading brand, place all of their general insurance business with Broker Network. Broker Network in turn provides support services to Members including: IT, training & regulatory compliance.
TLIB was established in 1965 as a subsidiary of the Towry Law Group plc and provides general, healthcare and other insurance broking services to both individual and corporate clients. It operates from six locations in the UK, and employs circa 90 staff.
Andrew Thomson of HMT commented:
“This is the third acquisition that we have acted for Broker Network. We completed the financial due diligence in a tight timescale and, with Broker Network’s proven track record of acquisition and successful integration, we believe the acquisition will bring the enlarged business continued success.”