GILES Insurance Brokers yesterday revealed that it had bought the SBP Group (SBP), one of the UK's leading commercial brokers specialising in the transport sector.
SBP was established in Leeds in 1997 as Simon Brooke & Partners and has established a market leading position in the transport sector.
The business has grown organically and through the acquisitions of Chapman Stevens in High Wycombe in 1999 and S
pencer Moray in Bristol in 2003.
The group has a premium income of £32m. The annual turnover is more than £5m, with income growing by more than 10 per cent over the last two years.
Giles Insurance Brokers was founded in 1967 and has offices in Glasgow, Leeds, Manchester, Birmingham, Cardiff and London.
Simon Brooke, the managing director of SBP will become regional managing director within Giles following the acquisition.
SBP also has offices in Leeds, High Wycombe and Bristol.
Chris Giles, chief executive of Giles, said: "The acquisition of SBP is a very significant step in growing Giles's presence in the transport insurance sector and across Giles's existing regional base. We see great opportunities in these areas and will seek to grow our presence further in the near future.
"Simon Brooke and his team have an excellent reputation locally and a great knowledge of the transport insurance market which will be invaluable as we expand our business and maximise on future opportunities. "
Simon Brooke, managing director of SBP, said: "We have a strong team in each of our three offices and we believe that in joining Giles we can drive forward on both a regional level and within the transport sector. We very much look forward to being a part of the Giles business."
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