The deal is the firm’s first since becoming an Ethos Broking regional partner
Commercial lines broker Thompson and Richardson has bought Scunthorpe-based independent broker Johnstone Insurance Brokers in its first deal since becoming an Ethos Broking regional partner.
Johnstone Insurance Brokers, established in 1983, is a general commercial broker that manages £3.4m gross written premium (GWP). The business is owned and run by Chris Harper, Mark Broome and Mike Williams – this leadership team, as well as the firm’s 12 employees, will remain with the business following the acquisition.
Thompson and Richardson, on the other hand, controls £27m GWP and operates from three offices in Sleaford, Boston and Lincoln. The business employs more than 70 staff members.
Chris Travers, director at Thompson and Richardson, said: “It’s fantastic to be announcing our first purchase and we are delighted to have found the right partner.
“Chris Harper leads an extremely close-knit team who have worked together for a long time. Over the last 30 years, the team has focused on client care as a priority and client retention is extremely strong, bearing testament to the quality of service and professionalism of their broking team.”
Ethos Broking M&A director, Vince Gardner added: “Chris and the Thompson and Richardson directors are hugely ambitious and want to further develop the already strong position that they hold within Lincolnshire, but are very mindful of purchasing the right brokerages which complement their offering. Johnstone Insurance Brokers ticks those boxes. I’m confident that thanks to a strong pipeline, more deals across Ethos Broking will soon be announced.”
Ethos Broking is a collection of like-minded brokers that share similar values but retain their own DNA. The group now comprises of 11 regional centres and 24 satellites.