JM Glendinning buys Staffordshire broker

Nowell & Richards, an independent broker specialising in commercial and ‘tailored private’ cover, was established in 1976, counts corporate leaders, entrepreneurs, high-profile people and professional sports stars among its clients.

Nowell & Richards Managing Director, Richard Nowell, will remain at the helm to drive the business forward. He says: “JM Glendinning is a likeminded, independent and respected Top 75 insurance broker and we both saw an opportunity to add a new, complementary arm to their business focused on high net worth clients and associated commercial lines.”

It is the second deal this week for JM Glendinning which also bought Liverpool-based Butterworth Spengler, as revealed by sister title Post yesterday (3 March).

MBO
JM Glendinning underwent an MBO led by group CEO Nick Houghton in November 2020, with private equity backing from growth investor Synova.

Following the MBO Houghton told Insurance Age that the business would be hitting the acquisition trail as it seeks to grow its GWP from £45m to £200m.

Strategy
Executive chairman, Tim Johnson, commented: “Welcoming Richard and his team to the group represents the next step in an exciting growth journey for JM Glendinning. We plan to supplement our strong organic growth with a series of complementary, strategic acquisitions that will see the business grow four-fold over the next five years.

“Our aim is not to replicate the consolidators but to continue adding value to our clients through an advice-led approach, coupled with the added buying power that greater scale affords. It’s been a busy start to the year, which looks set to continue over the months and years ahead.”

Grant Thornton and Osborne Clarke advised JM Glendinning on the deal. IMAS and Gateley Manchester acted for Nowell & Richards.

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