A Financial Planning firm which set up a new pensions telephone advice service earlier this year has been bought for £258m by insurers Marsh & McLennan.
The takeover of Jelf Group, which employs 30 Financial Planners and has 37 offices across the UK, has been agreed, a statement to the London Stock Exchange confirmed.

Jelf, which provides advice to over 100,000 businesses and individuals, has primarily focused on face-to-face Financial Planning but announced the phone-based remote advice service for retirees earlier this year.

As well as Financial Planning Jelf deals with matters relating to insurance, healthcare, and employee benefits.

Marsh said it was acquiring “one of the leading independent insurance brokers to the UK's small and medium-sized enterprises” which would “strengthen its presence in the large and mid-market companies segment”.

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A statement from Marsh said: “Jelf and the Marsh group have a strong cultural fit and share the same values that put the client at the centre of both businesses. The companies believe that the combination of the two firms will offer individuals and companies of all sizes market-leading customer service, advice and products.

“The addition of Jelf's businesses will significantly strengthen Marsh group's distribution platform through their branches, affinity partners and direct channels. The transaction would also bring rich capabilities that support the clients of Marsh group and Jelf, both corporate and individual, across a broad range of risk, insurance and financial services needs. Jelf's Purple Partnership will complement Marsh group's own UK networks business, providing better service for the regional broker market.

“The Jelf directors consider that while the prospects for future growth as an independent company remain strong, there are considerable benefits of combining with the Marsh group to accelerate Jelf's strategic and financial objectives.”

Alex Alway, chief executive of Jelf Group, said: "I am extremely proud of the business that we have built since Jelf was founded in 1989. Every one of our colleagues has contributed to our deserved reputation for developing long-lasting, trusted adviser relationships with our clients.

“As our clients' needs have continued to evolve, the Board and executive management team have given much thought about how best we meet their growing expectations. At the same time, we want to ensure that our colleagues are given the greatest opportunities to develop their careers. I am confident that this transaction is great news for our clients and colleagues alike."