Consolidator buys three regional brokers
Towergate has made its first acquisitions of 2014, buying three regional brokers.
The three brokers are Croydon-based Canworth Commercial, Barnstaple-based Irvine Insurance Services (IIS) and Nottingham-based John Fairley Insurance.
Canworth, which Towergate has bought from Hencilla Canworth Limited, will form part of the consolidator’s Sevenoaks office.
Canworth’s co-founding director Andrew Williams will continue to run the business, reporting to Towergate Sevenoaks managing director Kevin Sargeant.
IIS will become part of Towergate’s Bideford operation. IIS managing director Craig Irvine will report to Towergate Bideford’s managing director Nick Hatch.
John Fairley Insurance, owned by sole trader John Fairley, will merge with Towergate’s Milton Keynes operation under managing director Charlotte Green.
Towergate chief executive Mark Hodges said: “We’re delighted to welcome these businesses to the Towergate Group.
“Acquiring and integrating good quality businesses remains central to our growth strategy.
“These acquisitions are testament of our ability to attract brokers who are keen to grow their business by being part of Towergate. These new additions will enhance our regional broking presence, which we continue to build.”
Towergate spent £22.4m on 15 acquisitions in the first nine months of 2013.
The consolidator’s last acquisition of 2013 was classic car broker Footman James, previously owned by Aon.