Just over a month after the completion of the sale of Ashgrove Insurance Services to Bollington Insurance, the Bollington Wilson Group today announced that it has completed the purchase of Harrogate-based insurance broker Prophet Trade Credit Limited (Prophet) with further acquisitions expected this year.
Prophet, which has been trading since 2001, specialises in trade credit insurance, debt recovery and credit information and the deal adds six staff and over £4 million GWP to the stable of companies now under Bollington Wilson ownership.
Commenting on the acquisition, Paul Moors, CEO of Bollington Wilson, said: “This is a significant deal for our group as we expand the range of services available to our clients. Our strategy is to add complementary businesses to our group. Prophet is a perfect fit.”
Moors noted that adding Prophet to the Bollington portfolio gives its corporate clients access to the trade credit insurance market and specialist advice on the full range of options when considering how best to manage their trade credit risks, and complements the existing products and services Bollington Wilson offers to businesses of all sizes.
“We welcome David [Encell] and the Prophet team to the group,” he said, “and look forward to working with them.”
MD of Prophet Group, Encell said: “We are delighted to conclude this deal with Bollington, which is great news for our clients. We benefit from joining one of the largest independent insurance brokers in the UK, providing our clients with access to a wider range of products and services. We know that Prophet has a bright future as part of Bollington.”