INSURANCE broker and financial services specialist Smart & Cook has announced the acquisition of Dales-based company Slater Marchant.

The firm says the acquisition - its 52nd to date - will allow it to offer a wider range of insurance products and services, particularly to the area's farming community and rural industries.

Based in Harrogate, Smart & Cook is a national company with an office in Skipton, while Slater Marchant has offices in Settle and Grassington.

Paul Meehan, chief executive of Smart & Cook, said: "Slater Marchant has an excellent reputation as a local broker and the transaction reinforces Smart & Cook's presence in the Craven area as well as providing clients with a wider range of products and services."

The firm will be retaining all staff across the two Slater Marchant operations and will keep the office in Settle. However, it says staff from Grassington will eventually be integrated into its Skipton operation.

Slater Marchant director David Townson said: "Smart & Cook has developed to become one of the largest, independent brokers in the UK, but still has its roots firmly in North Yorkshire and has a real commitment to the area.

"This is a very positive move, both for our business, our staff and for our existing clients as it will enable us to deliver an enhanced service with the added buying power of Smart & Cook allowing us to negotiate even better terms for our clients."

The acquisition of Slater Marchant follows Smart & Cook's recent appearance in the Sunday Times' first annual "Buyout Track 100" - a league table of the most profitable private equity-backed mid-market companies in the UK.

Smart & Cook was placed 74th following a 22 per cent growth in profits each year between 2004 and 2006. It was also among the top five businesses from Yorkshire to be featured in the table.