JM Glendinning Group buys Scotland’s biggest independent broker

JM Glendinning (JMG) Group has bought Scotland’s largest independent broker, Perth-based GS Group.

This deal represents JMG Group’s second major acquisition in Scotland in just over a month, although it is still subject to FCA approval.

GS Group has 50 employees will become part of the JMG Group, which now boasts over 15 businesses operating out of 19 offices throughout the UK.

The acquisition will take JMG Group’s gross written premium (GWP) placed in Scotland to £50m and will allow GS Group to expand its footprint and grow its team.

Nick Houghton, JMG Group’s chief executive said: “This is an exciting deal for our expanding group as our growth strategy ramps up another gear.

“GS Group is a major player in Scotland and this deal complements our recent investment in Greenwood Moreland.”

This acquisition follows JMG Group buying the Sphere Group in April 2022. 

Growth ambitions

GS Group was founded in 1991 by managing director George Stubbs and aims to deliver the best value for clients across the UK whilst providing a personal approach to business, personal lines, and risk management insurance services.

Stubbs will remain a shareholder and continue to lead the GS Group business.

He said: “The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to innovate.

“We are currently a £30m GWP business and this investment will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four years. We will continue to offer the same professional service, with the existing team, still operating as GS Group, but with the added benefits of being part of a larger group of insurance businesses.”

Houghton added: “Our strengths lie in finding the best people in our market, looking after them and supporting them in providing the best advice for clients. We believe we have found a fantastic cultural fit in Stubbs and his team.”