Reich posts flat turnover and lower profits as sale costs bite
Reich Insurance Brokers grew turnover by a ‘marginal’ 1% to £14.82m in the year of its sale to Howden.
The deal, as exclusively revealed by Insurance Age, went through on 27 February 2023 just ahead of Reich’s financial year end.
The purchase, for a reported £100m, added 140 staff and £120m of gross written premium to Howden.
However, the latest results, filed at Companies House last month for the year ended 31 March, have revealed a hit to Reich’s profitability from the sale.
ProfitPost-tax profit more than halved, falling year-on-year by over £2.23m to £1.81m.
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