Jelf funds deal with £25m loan

 
Caitlin Morrison
Follow Caitlin
INSURANCE broker Jelf has bought Yorkshire-based Beaumonts Insurance Group for £10.1m, with a further £8.28m to follow if certain performance targets are hit.

Jelf used a new £25m loan from Barclays to fund the deal. The company said this new three-year facility will also be used to repay existing debt of £13.7m.

Alex Alway, Jelf Group chief executive, said: “This is a significant acquisition for Jelf; financially we are confident that it will be earnings enhancing in the current financial year and beyond, and furthermore, we hope that it will attract other high quality regional brokers considering their long term options.”