Insurer buys major slice of broker
INSURANCE firm JM Glendinning has bought the majority shareholding in a Scarborough-based broker.
A.S. Green & Co has been acquired by the Leeds-headquartered insurer as part of “ambitious” growth plans.
Founded in 1987, A.S. Green, which has 13 staff and a turnover of £2.2m, will become part of JM Glendinning as it grows, aiming to double in size in the next two years.
It is also planning on expanding its reach in the North of England with its 130 staff, across offices in Sheffield and Newcastle, as well as its Leeds headquarters.
The founder of A.S Green, Tony Green, will lead the business as JM Glendinning’s new office in Scarborough, under the leadership of managing director Nick Houghton.
He said: “We have built a successful business on being here ‘on the doorstep’ of many of our clients, offering quality, independent advice and a friendly, personal service, and none of this will change.
“JM Glendinning is a well-respected name in the industry and a Top 100 UK broker. Being part of the group will give us access to more insurers and give us greater buying power to source competitive products and services for our clients, who will also have the opportunity to access the additional services JM Glendinning offers, such as employee benefits and health and safety support.”
Mr Houghton added: “A.S. Green is a well-established and successful business, with a great team. The Scarborough economy has seen a renaissance in recent years, and this is a great opportunity to work with Tony and his team to grow the business and benefit from the investment that’s going into the region.”
Gordons LLP advised JM Glendinning on its acquisition of the A.S. Green group, led by corporate solicitor Duncan Firman. Dahren Naidoo, corporate finance partner at Freeths LLP, led the team advising the sellers.
