The Ardonagh Group is ready to move into the fast lane with acquisitions in 2020, as it today revealed its intention to purchase Bennetts Motorcycling Services Limited.
Atlanta Investment Holdings C Limited, a subsidiary of Ardonagh, has exchanged contracts in relation to the purchase of the firm with Saga Services Limited. Once finalised, the move, which remains subject to regulatory approval, will see Bennetts join the likes of Autonet, Swinton and Carole Nash within Ardonagh’s retail platform.
So why has Ardonagh chosen to swoop in on another motorcycling insurance specialist?
Bennetts currently provides cover for more than 200,000 bike enthusiasts across Great Britain and Northern Ireland, while servicing riders online and with a 200-strong team in Coventry and Peterborough. In addition, the firm was made attractive because of its BikeSocial online news platform, which has collected a strong following.
“More than just an insurance provider, Bennetts holds a distinct place within the biking world thanks to its approach to social channels, with Bike Social providing a hub of expert resources and advice for riders of all persuasions across the UK,” said Ian Donaldson, CEO of Atlanta.
“It’s this client-centric focus which makes it a brand we’ve admired for some time and one that’s set to complement our business lines beautifully. We look forward to the collaboration opportunities ahead.”
Meanwhile, Ardonagh Group CEO David Ross commented on Bennetts’ “well-respected” position in the marketplace.
“As we gather further momentum into the new decade and continue capitalising on the opportunities that arise from the breadth and depth of our position, we look forward to welcoming another leading brand into the Ardonagh family,” he said.
As for Bennetts itself, Vince Chaney, the company’s managing director noted that the deal would offer “new opportunities” for the company to improve its products.
“This is an exciting time within Bennetts and we’re looking forward to working with our new colleagues across The Ardonagh Group,” he said.