Stonebridge Group has outlined a new expansion plan for 2012 which will see it actively seek to recruit AR firms and implement a business acquisition strategy.

The business, which is celebrating its first year as a network, has revealed it is looking for a variety of businesses to join the operation and are currently in talks with a number of firms.

Over the past 12 months Stonebridge has grown its appointed representative (AR) firms by 25% and has developed a number of new propositions and member services.

Profits for the network operation were up 22% on the previous year, with a 20% increase in network turnover.

Richard Adams , managing director of Stonebridge Group, said: “2011 has been a notable year for Stonebridge and we have achieved a lot in a short space of time. Switching all our firms over to a network model was a significant exercise and we have followed this up throughout the year by offering our ARs a variety of new services and products