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Manchester insurance firm expands with major acquisition
9/09/2008A long-standing Manchester insurance broker has significantly expanded its activities with the acquisition of a nearby consultancy.
Stanmore Insurance Brokers Ltd, established in 1962 and based on Blackburn Street, Radcliffe, has purchased Beecroft Insurance Services Ltd for an undisclosed amount to further complement its services.
David Turner, director of Stanmore Insurance Brokers Ltd, said: "Having known Beecrofts for a number of years we knew that the business was an ideal fit for Stanmore, having a propensity for corporate insurance whilst offering proficiency for personal insurance where needed.
"From our very first meeting with Arthur Beecroft and his team it was apparent that we shared not only a highly ethical approach to our business dealings but also a commitment to superior service."
A team of corporate lawyers at Brabners Chaffe Street LLP advised the seller, A. Beecroft (Insurance Consultants) Ltd, on the sale of its subsidiary Beecroft Insurance Services Ltd.
Ruth Jones, partner at the King Street-based law firm, was assisted by solicitor Simon Lewis.
She commented: "This deal brings together two highly respected insurance specialists which, combined, will continue to offer a superior insurance service to a wide range of clients."
Beecroft Insurance Services Ltd, will continue to operate from its existing Pendlebury premises until the turn of the year, at which time a move to integrate the firm into the existing Stanmore infrastructure will be considered.
Beecroft (Insurance Consultants) Limited specialising in life insurance and pensions, is to remain under the control of Arthur Beecroft.
Other advisors on the deal included a team from Howes Percival, who acted for purchaser Stanmore Insurance Holdings Ltd.
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