This marks the organisation’s 11th acquisition since they joined the broker group
Finch Group, part of Bravo Group’s Ethos Broking collective, has acquired independent Portsmouth-based broker Hughes and King, a member of sister broking group Compass Network.
Established in 1988, Hughes and King manages a commercial lines portfolio with around £4m gross written premium (GWP). The Portsmouth broker employs eight staff members, all of whom will remain with the business following the acquisition. The business will retain its current premises and director Roy Blackburn will take over as commercial manager.
Finch Group, which partnered with Ethos Broking in November 2016, manages £62m worth of GWP across eight UK offices. Also dealing in commercial insurance, the business has its headquarters in Reading and employs more than 100 staff.
The deal marks Finch Group’s 11th acquisition since becoming an Ethos Broking member.
Vince Gardner, Ethos Broking M&A director and former managing director of Finch Group, said: “We have known Roy and his team for many years and know they have a strong reputation in south east Hampshire.
“Hughes and King is an extremely well-run brokerage, with high standards, close client relationships and an energetic team. All of which fit with our culture and values.”
Strong acquisition focus
Despite the uncertainty of the Covid-19 pandemic affecting many organisations’ plans, Ethos Broking has instead confirmed that it has a strong pipeline of acquisition activity scheduled throughout quarter two and into the summer.
Bravo Group chief executive Des O’Connor added: “Bravo Group is a financially strong, resilient and stable business that will continue to build on its well proven track record. Added to that, we are fortunate to have a strong and resilient shareholder group who remain supportive of our buy and build strategy.
“The current landscape is uncharted territory for all of us and nobody knows for sure how this health crisis will play out.
“However, it’s businesses that respond quickly and decisively that will reduce the impact on results and, of course, customers. Therefore, now more than ever before we are looking to partner with high quality, well managed and ambitious management teams that are aligned with our culture, values and ethos.
“We will maintain our momentum and look forward to announcing our next acquisition in the not too distant future.”
Ethos Broking, established in 2016, operates 11 regional hubs and 22 satellites. It manages a combined £250m GWP to date.