Tower Insurance Brokers has set its sights on becoming a national broker with between £75m and £100m in gross written premium (GWP), after completing its first acquisition since securing backing from private credit investor TDC.

The Lytham-founded broker has acquired Wilmslow-based Riskworks, adding more than £5m in GWP and taking Tower's run-rate GWP beyond £40m. The deal marks the start of a buy-and-build strategy, with Tower eyeing further acquisitions across the UK alongside organic growth it says is already running at more than 20 per cent annually. It comes eight months after Tower secured a major growth funding line from TDC.

Founded in 2017, Tower has grown from a one-person operation into a Top 100 independent broker employing 52 people. The Riskworks acquisition gives it a stronger presence across the North West and a significant base in Manchester.

Riskworks, known for commercial, food, technology and energy cover as well as an experienced high-net-worth team, will continue trading under its own name within the Tower group and become the wider business's centre of expertise in those areas. Its team, including majority owner and founder Nick Gray, will stay on to support the transition.

Tim Forshaw, CEO and founder of Tower Insurance Brokers, said: "Completing our first acquisition is an important milestone for Tower. Riskworks strengthens our expertise in high-net-worth and energy insurance while giving us a much stronger presence across the wider North West.

"It's a well-established business with good people and a strong reputation, which made it the right fit for us. We have a healthy pipeline of further acquisition opportunities and, with TDC's continued support, are well placed to build on the strong organic growth we have already achieved."

Gray said: "I am delighted that Riskworks has joined forces with Tower Insurance Brokers. It's a perfect fit, as we share the same vision of providing clients with a personal service backed by a team of highly skilled insurance professionals. Tower also has a dedicated in-house claims team, which will be important in supporting Riskworks in this vital area of client service."

Jon Petty, investment director at TDC, said the deal "demonstrates the quality of business Tim and the team are looking to acquire," adding: "We look forward to supporting Tower as it works towards its ambition of becoming a £100m broker."

Tower was advised on the deal by Dow Schofield Watts' North West team (Gregg Pendlington, Jack Keoghan and Ben McKie), with legal advice from Jonathan Robinson and Alec Mackenzie at DWF and tax advice from Peter Hully at Claritas. TDC was advised by Ben Edwards and George Walmsley at Addleshaw Goddard.