Shares in Chipping Sodbury-based financial consultancy Jelf climbed by more than 15% this week after it confirmed it is in talks to be taken over by global insurance giant Marsh.
In a statement to shareholders, Jelf said it noted recent press speculation about a bid by Marsh and confirmed discussions were taking place “in relation to a possible cash offer by Marsh for the entire issued and to be issued ordinary share capital of Jelf”. 
It said discussions were ongoing, were at an early stage and there could be no certainty that any offer would ultimately be made for Jelf.
Jelf’s shares have nearly doubled over the past year as it has grown through strategic acquisitions. They climbed by nearly a fifth on Wednesday when the firm confirmed the talks with Marsh but today fell slightly, closing down 2.2% – or 5p – at 222.5p.
The firm was formed in 1989 by Chris Jelf and now has more than 35 offices across England and Wales employing around 1,100 people. The firm, which provides a broad range of insurance, financial services and employee benefits, has been highly acquisitive over recent years – it continued to strengthen its business around the M25 earlier this month taking over a general insurance broker in Hertfordshire. Last year it acquired a Yorkshire firm for £15.5m.
It is listed on the London Stock Exchange with a market value of around £176m. Insurance industry sources said Jelf’s directors, who are understood to have been preparing the business for a possible sale for the past few months, may be prepared to accept offers that value the business at around £181m.
It provides advice to businesses and individuals on insurance, healthcare, employee benefits and financial planning and has more than 69,000 corporate and commercial clients, ranging from small owner-managed businesses, to SMEs and larger corporates. It also has more than 45,000 individual clients.
Its group head office is in Chipping Sodbury while its Jelf Lampier and Jelf Professions businesses are based in Clifton.
Marsh is the world’s leading insurance broker and risk adviser with more than 24,000 employees. It is a member of Marsh & McLennan with annual revenues of more than $13bn.
