Movo Partnership completes three deals

Movo Investment Group, the parent company of the Movo Partnership network (Movo) has bought three commercial brokers.

The business stated that Chiltern Insurance Group based in Reading, FLS General in Essex, and Kidd Insurance in West Lothian, have joined the group and network. 

Together the acquisitions bring an additional nine staff and £4.7m gross written premium into Movo.

According to Movo, the three deals represent three different flexible exit routes for these SME brokers that are committed to protecting their staff and securing a future for their broking businesses without having to sell to a consolidator. 

MBO
Movo detailed that it had joined with the existing directors at Chiltern to facilitate a management buyout.

Its managing director, Stephen Wallace-Madeley, who has been with the business for 15 years, will remain as MD under its new ownership. 

Wallace-Madeley commented: “We are very excited to join the Movo Group, before deciding on a partner, we looked far and wide and felt that the core values that Movo have fit in best with what we are trying to achieve, which is to respect the role of independent insurance brokerages in the community.” 

Meanwhile, FLS General now trades as Movo Colchester effective from 1 January 2022.

As part of the deal, its MD has retained a one day per month consultancy position, allowing him to semi-retire whilst retaining an interest in this family business with a successful 65-year long heritage.

Furthermore, Kidd Insurance, previously an appointed representative of Momentum, will retain its brand name. 

Under the terms of the deal, it has been agreed that over a period of time its staff can themselves become shareholders if they choose.

Priorities
Lea Cheesbrough, managing director of Movo Partnership, said: “We are thrilled to have completed on these three acquisitions – three very different but fantastic businesses, each with their own strategic priorities. 

“Movo is committed to ensuring small independent brokers survive and thrive. For brokers looking for a way of growing their brokerage without selling out to the consolidators, we give them real options and an ideal home. 

“We will help them to grow and to compete in today’s market – our success is built on their success. We’re delighted to welcome Chilton, FLS General and Kidd Insurance to the Movo network family and look forward to growing their businesses together.”

Movo was launched in 2019 and now has 52 AR broker members, 30 staff and £40m GWP. In November it terminated its relationship with Hedron, the network run by Global Risk Partners, in order to focus on independence.

The network stated that it expects to reach 75 broker members and £65m GWP in 2022.

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