Scotland’s largest independent broker is acquired by JMG Group

Scotland’s largest independent broker is acquired by JMG Group

George Stubbs of GS Group

GS Group, Scotland’s largest independent insurance broker, has been acquired by the JMG Group, subject to FCA approval.

The GS Group was formed in Perth 31 years ago from a standing start by managing director George Stubbs, with second hand furniture and a coffee percolator. It has since grown and now has 50 employees operating from offices in the Fair City, Aberdeen, Glasgow and Dundee.

The JMG Group deal - for an undisclosed sum - will allow the GS Group to expand its footprint. Mr Stubbs, who will remain a shareholder and continue to lead the GS Group business, said the management team had already drawn up ambitious growth targets.

Mr Stubbs said: “We are currently a £30m gross written premium (GWP) business and this investment will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four-five years.

“We will continue to offer the same professional service, with the existing team, still operating as the GS Group, but with the added benefits of being part of a larger group of insurance businesses.

“We are a dynamic and innovative business and have always put our people and clients first. We employ some of the most talented people in the industry, who are passionate about delivering outstanding service for our clients.

“The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to grow the business.”

Nick Houghton, CEO of JMG Group, welcomed its latest acquisition and said: “This is an exciting deal for our expanding Group as our growth strategy ramps up another gear. The GS Group is a major player in Scotland and this deal complements our recent investment in the Scottish broking market, taking our GWP placed in Scotland to £50 million.

“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 and his team.”

JMG Group is made up of 15 like-minded businesses operating out of 19 offices throughout the UK. The Group was born out of an MBO from the Glendinning family in November 2020 by Mr Houghton, backed by private equity company SYNOVA.

GS Group was advised by Andrew Gould and Gavin Hood of Deloitte Corporate Finance as exclusive lead financial adviser and Ewan Gilchrist and Gordon Tatnell of Dickson Minto as legal adviser. JMG Group was advised by Gordons Solicitors and Deloitte LLP.

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