Two deals in a week as GRP buys Henshalls

It is the consolidator’s second deal of the week, having already snapped up London-based commercial lines broker Edmondsons through Hamilton Fraser.

GRP has completed five buys so far this year, four in the retail division and Nucleus Underwriting, which was its first managing general agent purchase since being taken over by Brown & Brown in 2022.

Founded in 1967, Henshalls has offices in Shrewsbury and Stafford, alongside its headquarters in Newport, Shropshire.

The commercial broker specialises in the food and drink, manufacturing, construction, charities, and sports and hospitality sectors.

It also has two further brands: Bayliss & Cooke, which it bought in 2019 and Coachline, which provides cover for buses, coaches and minibuses.

Henshalls featured in Insurance Age’s Top 100 Independent Brokers listing in 2020 in the £12m to £20m gross written premium banding.

Team

Henshalls’ managing director Mark Freeman, and fellow directors Martin Pitchford, Dave Williams, Anthony Hughes, Neil Atkinson and all their 42-strong team will remain with the business, GRP has confirmed.

Freeman said the sale will enable the broker to continue to grow and expand its footprint. He added: “In our discussions with Stephen Ross, GRP’s head of M&A, and Mike Bruce, GRP CEO, it became clear that joining GRP was the best future option for our business, our excellent team and our customers.

“It provides us with a strong platform on which to build the next exciting chapter for the business.”

Presence

Ross commented: “Henshalls is a really good fit for our retail business, giving us a valuable presence in both Shropshire and Staffordshire.

“This part of the world is not widely served by brokerages, so we are pleased that Henshalls, which has been trading successfully for many years, has chosen to join our retail division.”

The acquisition has been approved by the regulator, GRP noted.

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