YORK insurance broker D E Ford has been taken over by a London-based group in a move aimed at growing the business through the expansion of its services.

The acquisition, for an undisclosed sum, has seen PIB Insurance Brokers take over the Poppleton-based firm, with backing from global asset manager The Carlyle Group.

The deal comes just months after D E Ford celebrated its 40th anniversary, and sees the management team continue to lead the 65-strong team in York.

D E Ford bosses say the “significant investment” from PIB will provide them with access to “significant financial resources, supporting further organic and acquisitive growth”.

Chris Greenall, managing director of D E Ford, said: “We are proud of D E Ford and how our company has grown over the past number of years.

“We want to be able to continue to offer our clients the best service and value. We believe becoming part of the PIB Group will provide us with the investment to continue to do so.

“This will allow us to access a wealth of experience from our colleagues in the Group, meaning we will now be able to offer a greater range of products and services to all our clients.

“The buyout has been backed by the whole team at D E Ford who are all looking forward to the opportunities being a part of the PIB Group will create.”

Originally a family business, set up in 1976 by founder Ben Ford, D E Ford has grown to become one of the Top 100 Chartered Insurance Brokers in the UK acting for charity and commercial clients in York and across the country.

Mr Greenall added: “The investment from PIB will help build on the strong platform and excellent reputation that the business enjoys and all of our team are thoroughly looking forward to the challenge.”

KPMG acted as financial adviser to the shareholders of D E Ford on the sale to PIB, with KPMG’s Stewart Cape working alongside Nasim Sharf of Rollits LLP corporate team.

Christian Mayo, head of Corporate Finance at KPMG in Yorkshire, said: “There is an appetite from the investment community for high quality, specialist insurance brokers in the UK regions. For D E Ford, the deal with PIB provides the financial firepower to help the management team to accelerate the growth that it has delivered.”