Bluefin buys broker GM Towns

Bluefin has acquired the general insurance business of Peterborough based GM Towns & Partners for an undisclosed sum.

GM Towns was established in 1973 and has around 1,200 mostly commercial clients for whom it places around £5m in annual premiums.

Bluefin said that all seventeen employees will be invited to remain with the new group and they will continue to operate from their current premises in Priestgate.

Founder Geoff Towns commented: "With the help of my loyal and professional staff, we have built up a very successful business over the last 30 years but I think the time is right to join a larger company so our clients can benefit from additional resources and economies of scale.

"Bluefin is a national organisation with fifty other offices around the UK and we’re a good fit for their style and culture. I’m delighted that all my colleagues have chosen to stay with the group and the future looks very bright for all of us."

Bluefin chief executive Stuart Reid commented: "We’re an ambitious and growing organisation and are always looking for further acquisitions that will strengthen our regional presence. We have always been a bit light in the East Midlands so are delighted to have agreed this deal with GM Towns which has a good client bank and an excellent reputation in the area.

"Over the next twelve months we will integrate them into the Bluefin group and we really look forward to them joining us. Their clients will continue to enjoy excellent local service but will also benefit from our buying power as a top ten insurance broker."

The financial services division of GM Towns is not part of the deal and will continue to trade in its own right.