By Ian McConnell
SCOTTISH insurance broker GS Group, established in Perth 31 years ago by managing director George Stubbs with a coffee percolator and second-hand furniture, is being acquired by larger sector stablemate JMG Group.
The value of the deal, which is subject to regulatory approval, was not disclosed.
GS Group now has 50 employees operating from offices in Perth, Aberdeen, Glasgow and Dundee, and plans expansion under 57-year-old Mr Stubbs following the acquisition.
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Mr Stubbs, who will remain a shareholder as he continues to lead the GS Group business, said the management team had already drawn up ambitious growth targets.
He added: “We are currently a £30 million gross written premium (GWP) business and this investment [by JMG] will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four to five years.
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“We will continue to offer the same professional service, with the existing team, still operating as the GS Group, but with the added benefits of being part of a larger group of insurance businesses. We are a dynamic and innovative business and have always put our people and clients first.”
Nick Houghton, chief executive of the acquisitive, Leeds-based JMG Group, said: “This is an exciting deal for our expanding group as our growth strategy ramps up another gear. The GS Group is a major player in Scotland and this deal complements our recent investment in the Scottish broking market, taking our GWP placed in Scotland to £50m.
“Our strengths lie in finding the best people in our market, looking after them and supporting them. We believe we have found a fantastic cultural fit in George and his team.”
JMG Group comprises15 businesses operating out of 19 offices throughout the UK. It was born out of a management buy-out by Mr Houghton from the Glendinning family in November 2020, backed by private equity company Synova.
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