The target firms were Manson Insurance Group, bought for £16.2 million, and Bartlett Davies Bicks and Carter & Co. Risk Management, purchased for £2.9 million.

The acquisitions, coupled with the announcement of Jelf’s two proposed placings on AIM totalling £47 million, caused the share price to rise by 14.5 pence to 245 pence. The company’s market cap now stands at £63 million, and its turnover is £17.06 million.

The companies, acquired with cash and shares, complement Jelf’s existing general insurance, healthcare and financial services brokerage.