The parent company of Towergate Insurance is poised to seal the takeover of motorcycle insurer Carole Nash.

The Ardonagh Group, formed in July from the merger of Maidstone-based Towergate with Autonet, Chase Templeton and Direct Group, has reportedly raised about £65 million for the acquisition through debt and existing cash.

Based in Altrincham, south Manchester, Carole Nash reported income approaching £29 million last year and employs about 400 people. It has another 30 staff in Dublin.

The Ardonagh Group chief executive David Ross said: “Carole Nash is a pre-eminent brand and market leader, a hugely successful business and therefore an ideal addition to the group as part of our carefully targeted acquisition strategy.

“We have admired the business for a long time and are really happy to be welcoming them into the fold as another important addition to The Ardonagh Group family.”

The Ardonagh Group has also exchanged contracts on the purchase of Mastercover Insurance Services, which will join Towergate Insurance Broking within the distribution segment of the group.

Towergate employs about 4,000 people and also has offices in Sevenoaks and Faversham.