Thu, 07 Mar 2024 | BUSINESS SALE
Russell Scanlan, an insurance broker headquartered in Nottingham, has expanded with the acquisition of Leicester-based insurance firm Building & Land Guarantees (BLG). BLG is a specialist broker focusing on long-term construction projects.
The company, which was founded in 2006, provides services including warranties for residential properties, commercial property warranties, insurance-backed guarantees, parts guarantees and warranties for electrical plant and machinery.
Following the acquisition, BLG will retain its existing brand and 12-strong team. Russell Scanlan’s Mike Dickinson and Matt Franklin will join the company’s board, alongside existing directors Paul Rose and Mark Jackson.
Mike Dickinson, Development Director at Russell Scanlan, said: “While Russell Scanlan continues to deliver its successful growth plan, we recognise that partnerships with those operating as specialists in specific sectors can be mutually beneficial – and certainly BLG’s reputation is substantial in its field.”
“In addition, there are several synergies between the Russell Scanlan and BLG brands and location will play its part – both well-established East Midlands brokers with a strong foothold in the UK’s heartland.”
Dickinson continued that the new partnership would enable the companies “to tap into existing client networks” and help both firms “to share expertise in their respective specialist fields.”
BLG director Paul Rose added: “Our values at BLG bear strong similarities to Russell Scanlan’s, both being East Midlands-based insurance brokers with robust ties to our respective fields and high levels of service recognised by our industry and client groups.”
“Our growth has resulted from providing a friendly, personal service with nearly 20 years of experience in long-term construction projects. We will continue to adopt this bespoke approach under the BLG brand, with the support of the Russell Scanlan team.”
M&A among brokers has been driving high levels of dealmaking across the UK insurance industry - but has activity peaked?
An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
This firm represents a superb opportunity to establish a hub, with staff and offices already in place.
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