Chipping Sodbury-based financial consultancy Jelf has continued its policy of establishing a network of offices around the M25 by acquiring a general insurance broker in Hertfordshire.
Libra Insurance Services, based in Bushey, has particular strength in the SME commercial insurance sector. It was established in 1974 and has been owned and managed by the Shah family since. 
In the year to September 30, 2014, it achieved pre-tax profits of around £200,000 on revenues of around £1.3m. Directors Rex Shah and Shailain Shah will join Jelf along with its 16 staff.
Jelf group chief executive Alex Always, pictured with Rex Shah and Shailain Shah, said: “The Libra business has a long and successful history in the local community, and we are privileged that Rex and Shailain have decided to continue to do so as part of Jelf.
“Community broking is right at the heart of both Libra and Jelf, and we share a passion for exceeding client expectations.
“This is another important acquisition for Jelf. With our proven integration model, we are confident that it will be profitable for the group – adding further weight to an ever growing track record for successful acquisitions.”
Rex Shah and Shailain Shah said in a joint statement: “Libra has been in our family for over 40 years, so selling was never going to be an easy decision.
“However, right from the start of our discussions, we have been convinced that Jelf will enable Libra to continue to grow whilst preserving the heritage and personal service that is so important to us and our business. We are excited to be able to provide a wider product range for our clients, and enhanced career prospects for our staff.”
Jelf said the purchase price, which has not been disclosed, was within the valuation range of its recent deals with a structure consistent with recent acquisitions.
A significant proportion of the purchase price has been deferred, with payment linked to future earnings.
The acquisition is in line with the Jelf strategy of growth through organic initiatives and selected acquisitions, particularly in the South East around the M25. It follows two recent acquisitions in Yorkshire.
Jelf was formed in 1989 by Chris Jelf and now has more than 35 offices across England and Wales employing around 1,100 people.
Its group head office is in Chipping Sodbury while its Jelf Lampier and Jelf Professions businessses are based in Clifton.
The acquisition will be funded by an existing loan facility with Barclays, with no requirement for additional financing.
