Kettering-based commercial lines community broker Hillsdale Insurance Brokers is now fully owned by The Broker Investment Group, which previously held a 30% stake in 2018.
“We have got to know the team at The Broker Investment Group and have enjoyed our relationship so far, and we were then ready to move to the next level and sell the business in its entirety,” former managing director Simon Drysdale (pictured) said in an emailed release.
“I know the staff and Hillsdale brand is in very safe hands, and I’m delighted that Angela and myself will be remaining at the forefront of the business with our valued clients and continue our growth journey.”
Drysdale was referring to fellow director Angela May, who becomes managing director in charge of four Hillsdale Insurance Brokers colleagues.
‘Perfect fit
Commenting on the transaction, financial terms of which were not disclosed, The Broker Investment Group chief executive Dave Clapp stated: “This deal is a perfect fit for The Broker Investment Group. We have got to know Simon and Angela well over the last five years, and when the opportunity developed to take 100% ownership of the business we didn’t hesitate.
“This deal fits nicely in between our growth and succession planning propositions. It gives Simon an exit strategy before retiring in five years, and Angela deservedly steps to the MD role.”
Clapp added that The Broker Investment Group is looking to attract new customers in the Midlands region and beyond through a marketing plan and is committed to generating “exponential” growth over the next five to 10 years.
“We are delighted to now have 100% of such a great business – the team at Hillsdale is first-class, a knowledgeable and experienced team with exceptional customer service,” the CEO went on to say. “The Broker Investment Group is on track to hit £250 GWP (gross written premium) by the end of 2024 and have a pipeline of nine acquisitions in legal.”
Meanwhile, under new sole ownership, Hillsdale Insurance Brokers will continue to operate from its current premises.
