SCOTLAND'S largest firm of independent insurance brokers, Collins
Halden, has been sold to C.E. Heath in a deal, which the vendors claim
is worth over #3m.
Collins Halden, which is based in Edinburgh with offices in Glasgow,
Aberdeen, Peterhead, Inverness, Dundee, and Brechin, was bought out by
the management from Hogg Robinson in 1984 for an undisclosed sum.
Turnover has grown threefold since then and now exceeds #1.5m. The
initial consideration for the acquisition is #1.26m to be satisfied by
the issue of 240,333 shares in C.E. Heath.
The Collins Halden activities are to be merged with those of C.E.
Heath (Scotland) and will be carried out in a new trading company, Heath
Collins Halden (Scotland).
Mr Bill Reid, who headed the buy-out from Hogg Robinson, is to be
chairman and chief executive of both companies and will be appointed to
the executive committee of C.E. Heath for the UK.
Mr Peter Presland, C.E. Heath's group managing director, said, ''This
acquisition is in line with the group's policy of acquiring quality
retail broking operations in the United Kingdom where there is a good
fit with our existing companies or we perceive a gap in our current
regional network.''
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