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Corporate consultancy Jelf Group plc is to boost annual insurance premiums placed on behalf of clients by £4.5 million after it bought independent commercial insurance broker Haines Wallace.

Plymouth-based Haines Wallace, which was established in 1974, will strengthen the group’s presence in the South West.

Post-acquisition, the acquired business’ team of 14 will become part of the group’s commercial insurance team.

By combining with Jelf’s existing operations in Newton Abbot and Taunton, clients of Haines Wallace will gain access to a broader range of services. 

Jelf’s group chief executive, Alex Alway, said Haines Wallace is a welcome addition to the group and reflects its client-focused approach.

“The deal supports our strategy to be the leading corporate consultancy in the South of England and Wales, whilst once again emphasising the group’s credentials as the fastest growing insurance broking business in the South West,” he added.

Haines Wallace’s managing director, Paul Phillips, added: “Joining the Jelf Group creates an exceptional opportunity for our clients to benefit from an enhanced range of services and unrivalled expertise.

“Like us, Jelf is independent and dedicated to providing the best possible solutions to suit client needs,” he added. “For our staff, being part of a larger organisation will offer enhanced career development prospects and greater security in a rapidly changing marketplace.”

Jelf received legal advice on the deal from Morgan Cole, which is acting on its second acquisition for the group.

Morgan Cole’s team was led by corporate partner Robert Cherry, who was assisted by James Williams from its corporate department, property specialist Louise Howells with Paula Kathrens handling the employment issues.

“Jelf’s successful strategy has seen the group grow rapidly since flotation on AIM and, with the hardworking and professional team which handles acquisition projects within Jelf, together with a partnership approach with acquired businesses to encourage suitable businesses to join the group, we do not doubt that this growth will continue apace,” Cherry said.

Jelf appointed a team from Mazars, led by Richard Bott, a partner in the firm’s national insurance team, to manage a financial due diligence review of Haines Wallace’ business.

Mazars’ team included Mark Grice, its head of insurance services, and financial services specialists in its Bristol office. The firm also used tax experts in its Bristol and London offices.

“This was a further example of Jelf delivering their corporate plan and expanding their market share in the South West,” Bott said.

Parkhurst Hill, led by Paul Stapleton, reviewed the sale and purchase agreement for the vendors, advised on the tax issues of the deal and analysed the sale proposal. “We recommended a different basis for the deal to benefit the vendors,” Stapleton said. “This was accepted and the sale and purchase agreement amended.”

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