Smart & Cook, the rapidly-growing national insurance broker based in Harrogate, with offices in York, Skipton and Scarborough, has made its biggest investment yet.

The firm, based in Ripon Road, has taken over the share capital of Hammon Osborne, the major Northampton-based broker.

Godfrey Hammon, chairman of Hammon Osborne, and co-founder Fred Osborne, will continue to lead the business and will sit on the Smart & Cook group board. There will be no redundancies among its 40 staff and the organisation will retain its brand name.

The acquisition is likely to push up Smart & Cook's current annual revenues generated to about £25 million, and will bring the number of people on the group payroll to more than 450. It is the latest of numerous deals struck by the company as a result of raising a £57 million "war chest", which included a major investment by leading venture capital firm 3i.

Paul Meehan, group chief executive, said: "Hammon Osborne represents our biggest acquisition so far. They are a major independent broker who operate a similar ethos to ourselves.

"They are 100 per cent client focused, professional and fiercely committed."

Last year Smart & Cook announced the latest phase of ambitious growth - a strategic partnership with HBos Commercial Insurance.

The new combined operation will try to meet the commercial needs of HBos Corporate Banking customers with turnovers of more than £1 million. In January the North Yorkshire broker acquired Alan Wilson Insurance Services in Newcastle upon Tyne - its 44th acquisition in 15 years.

Its status as one of Britain's fastest growing independent insurance brokers was recognised in April when it was ranked 44 in the Sunday Times/Price Waterhouse Coopers Profit Track 100.

It was also listed in the latest survey of the UK's Top 50 brokers by Insurance Times, the industry magazine.

Updated: 10:18 Wednesday, June 15, 2005