Consolidator snaps up brokers in Wellington, Chesterfield and West Yorkshire
Towergate has continued its 2012 acquisition spree by snapping up three regional brokers.
The consolidator has acquired Gill Knott Insurance, based in Wellington, Lloyd Manley Associates, based in Chesterfield, and West Yorkshire-based Airevalley Insurance Services.
Towergate has a £90m acquisition fund following its debt refinancing and private equity injection last year.
Towergate retail chief executive Michael Rea (pictured) said: “Towergate has made tremendous progress in the first quarter of 2012, acquiring 7 businesses and developing a strong pipeline of potential deals. This momentum is as a result of the work undertaken in 2011 to identify quality acquisition targets and of our flexible approach to buying businesses.”
Gill Knott Insurance, founded in 1998, has a book of commercial and personal lines insurance business with clients predominantly based in the south west of England. The business will combine with Towergate’s Taunton office. Gill Knott managing director Gill Shire will remain with the business, reporting to Towergate’s regional managing director Nick Hatch.
Lloyd Manley Associates, a business and personal lines broker formed more than 30 years ago, has a particularly strong presence in the social clubs. John Bateman will remain at the helm of the business.
Airevalley Insurance Services is the General Insurance arm of Airevalley Independent Financial Advisors, founded by John Lohan in 1988. Towergate has acquired the general insurance portfolio which will move into the Towergate office in Leeds. The portfolio includes a well established Honda Goldwing scheme.
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