GS Group, which is said to be the biggest independent broker in Scotland, has been snapped up by JMG Group for an undisclosed sum.
Subject to approval by the Financial Conduct Authority, the transaction comes hot on the heels of JMG Group’s swoop for Greenwood Moreland – the investment that marked the group’s foray into the Scottish market in April.
“This is an exciting deal for our expanding group as our growth strategy ramps up another gear,” said JMG Group chief executive Nick Houghton, referring to the latest acquisition that brings the wider brokerage’s gross written premium (GWP) placed in Scotland to £50 million.
The CEO added: “Our strengths lie in finding the best people in our market, looking after them and supporting them in providing the best advice for clients. We believe we have found a fantastic cultural fit in George [Stubbs] and his team.”
Based in Perth, GS Group was set up by George Stubbs in 1991. The managing director, who will remain a shareholder and continue to lead the business, brings a 50-strong workforce to JMG Group.
Commenting on the sale, Stubbs stated: “The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously while supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to innovate.
“We are currently a £30 million GWP business, and this investment will help us to achieve our growth ambitions of becoming a £50 million GWP business in the next four years. We will continue to offer the same professional service, with the existing team, still operating as GS Group, but with the added benefits of being part of a larger group of insurance businesses.”
JMG Group now has more than 15 businesses operating out of 19 offices across the UK.
