Charles Taylor acquires UK loss adjustor
Charles Taylor has acquired UK loss adjustor KLA Holdings and its subsidiary Knowles Loss Adjusters as part of its strategy to deliver growth in its core professional services businesses.
Knowles targets UK commercial, personal, construction and professional lines claims. The company employs around 70 personnel and will continue to trade under the Knowles name following the acquisition.
The sale is for a maximum consideration of £3.3 million.
David Parker, a founder and managing director and Simon Smith, a director of Knowles will be instrumental in driving the business forward under the new Charles Taylor ownership.
Knowles' business will complement the loss adjusting services already provided by Charles Taylor Adjusting (CTA), said the company. The acquisition will expand CTA's global network through the addition of 10 UK offices.
Earnings after tax for year ending July 31, 2013 were £0.4 million and the gross operating assets as at July 31, 2013 were £1.6 million.
Parker said: "Knowles has grown and developed over the last 22 years because of our commitment to deliver a superior service by experienced and specialist staff. Charles Taylor has a similar ethos of delivering outstanding professional claims management services and a global reputation in handling major losses. Our approach and the services we offer make this an ideal combination for our clients and staff. We are very pleased that Knowles has joined the Charles Taylor group and look forward to working together to continue to grow the business under their ownership."
David Marock, group chief executive officer of Charles Taylor, said: "Knowles is an excellent fit for us and will complement Charles Taylor Adjusting's existing business. CTA is already one of the leading specialist loss adjusters in the UK and international insurance markets.
“This acquisition will allow us to develop and grow our UK loss adjusting capability and brings us an established business, client base and network of UK offices, which will position us well to respond to tenders for those international and national account nominations, which require a network of offices across the UK as well as overseas. This acquisition is a further demonstration of our commitment to grow the group's revenue and profit based on our professional services expertise."
