Gloucester insurance broker set for growth following MBO
By Sarah Wood | 21st September 2021
Investment by JMG group has facilitated a management buyout at Gloucester-based Brunsdon Insurance by North West insurance broker, Butterworth Spengler, for an undisclosed sum.
Brunsdon Insurance will continue to work from its offices in Gloucester, trading as Brunsdon Insurance, and offering its services for corporate, SME and private clients, with access to wider services through Butterworth Spengler and the group.
Brunsdon Insurance's existing 17 employees add to Butterworth Spengler's team of 30, bringing a wealth of knowledge and experience together to benefit the business and clients alike.
Neville Mills, who has been MD at Brunsdon Insurance for six years, will continue to lead the business. Neville started at Brunsdon Group in 1992, became a partner in 1995, a director in 1999, and became the broker's MD when he completed the MBO in 2015.
Neville Mills said: "I am hugely excited to be working with John Lacey of Butterworth Spengler, and Nick Houghton and the wider JMG Group in building the footprint in the South West, and of course the growth aspirations throughout the UK.
"It's very much business as usual for Brunsdon Insurance as clients know it. The trusted brand and our professional approach remains unchanged, as do the members of the team.
"Being part of a top 75 broker will provide us with valuable resources and knowledge to support our client placements, and opportunities to engage more with new clients. Our independence and personal approach to client relationships continues as it has done for over 85 years."
It is Butterworth Spengler's first acquisition since it became part of the JMG group in March this year.
John Lacey, MD of Butterworth Spengler, said: "Becoming part of the JMG group has given us greater buying power, accelerated our growth and further strengthened our position in the marketplace. We expect the same success for Brunsdon Insurance as they come on board. They are a quality broker and present an extremely attractive business proposition, which will enhance our commercial insurance, professional risks and specialist schemes business divisions."
Nick Houghton, CEO of JMG group, said: "This is an excellent acquisition for Butterworth Spengler and for the group. It's a textbook example of what we wanted to achieve when we established the JMG group - to find insurance broker businesses with the potential and appetite to grow. We expect that is the first of many acquisitions for companies within our group."
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