Movo Investment Group Ltd., the parent company of the Movo Partnership network (Movo), announced it has completed the acquisition of three commercial brokers in the UK.
Chiltern Insurance Group, based in Reading; FLS General in Essex; and Kidd Insurance in West Lothian, have joined the group and network.
“The three deals represent three different flexible exit routes for these SME brokers that are committed to protecting their staff and securing a successful future for their broking businesses without having to sell to a consolidator,” said Movo in a statement.
Financial details of the deals were not disclosed. The acquisitions together bring an additional nine staff and £4.7 million GWP into Movo.
Movo joined with the existing directors at Chiltern to facilitate an MBO. Its managing director, Stephen Wallace-Madeley, who has been with the business for 15 years will remain as MD under its new ownership. “We are very excited to join the Movo Group, before deciding on a partner, we looked far and wide and felt that the core values that Movo have fit in best with what we are trying to achieve, which is to respect the role of independent insurance brokerages in the community,” Wallace-Madeley commented.
Effective from Jan. 1, 2022 FLS General now trades as Movo Colchester, with the managing director retaining a one day per month consultancy position, allowing him to semi-retire while still retaining an interest in this family business with a successful 65-year long heritage.
Kidd Insurance, previously an appointed representative of Momentum, will retain its brand name. Under the terms of the deal, it has been agreed that over a period of time its staff can themselves become shareholders if they choose.
“We are thrilled to have completed on these three acquisitions – three very different but fantastic businesses, each with their own strategic priorities. Movo is committed to ensuring small independent brokers survive and thrive,” commented Lea Cheesbrough, managing director of Movo Partnership.
“For brokers looking for a way of growing their brokerage without selling out to the consolidators, we give them real options and an ideal home. We will help them to grow and to compete in today’s market – our success is built on their success,” added Cheesbrough.
The Movo Partnership was set up in 2019 by a collection of brokers to take advantage of sharing compliance and operational functions, improving buying power and to help its broker members have more time to do the most important element of their jobs, which is client servicing. Members retain 100% of commissions and any profits generated by the network are reinvested by the business for the benefit of the membership and the future of broking.
The Movo Partnership exists to be the most cost-effective way to run a brokerage and to encourage new start-up brokers, replacing the brokerages in the market being lost to M&A activity. The network expects to reach 75 broker members and £65 million GWP in 2022.
Since its launch in 2019, Movo has exceeded its targets, with 52 appointed representative broker members, 30 staff and writing in excess of £40 million GWP.
Source: Movo Investment Group
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