Jelf in takeover talks with Marsh

Jelf has confirmed it is in discussions with insurance broker and risk adviser Marsh in relation to a possible cash offer by the latter for the entire issued, and to be issued, ordinary share capital of the insurance, brokerage and advisory business.

In a statement to the stock exchange, Jelf said discussions, which are ongoing, are at an early stage and there can be no certainty any offer will ultimately be made for Jelf.

The board of Jelf, which is being advised by Fenchurch Advisory Partners, stated they would issue a further statement when appropriate.

In May 2015, the insurance, brokerage and advisory business reported revenues had increased 11 percent to GBP43.7 million for the six months ended March 31, 2015, compared with GBP39.3 million for the same six month period the year before.

For the insurance business earnings were up 18.2 percent to GBP5.3 million, while the employee benefits division saw pre-tax and interest earnings increase by 27.2 percent to GBP1.7 million.

Meanwhile, organic growth, excluding the impact of acquisitions, was 4.2 percent, as margins improved and investment was to be made in both sales capability and infrastructure.