Mon, 16 Dec 2024 | BUSINESS SALE
Commercial broker Anchor Insurance Services has been bought by 100-year-old JMG Group company, Butterworth Spengler Insurance Brokers. The investment marks the group’s first base in North Wales and continues its national expansion drive.
Prestatyn-based Anchor Insurance is a family-run business which was established in 1980. Purchased by managing director Gareth Morris in 2000, the company has grown from an £80,000 gross written premium business (GWP) to £2 million GWP, with five colleagues. It works primarily with holiday parks on the North Wales coast, a variety of large and small local businesses, as well as with property owners who are based locally and in the surrounding areas.
Anchor Insurance is Butterworth Spengler’s fourth acquisition since becoming part of the JMG Group in March 2021. It joins acquired businesses Brunsdon Insurance Brokers, Kompliant and Rockland Risk Services, to further broaden Butterworth Spengler’s reach and strength of services.
Butterworth Spengler began business in 1924 and has offices in Liverpool and Gloucester.
The investment supports JMG Group’s strategy of expanding regionally and leveraging local expertise. Anchor Insurance will continue to operate under its existing brand while integrating Butterworth Spengler’s and the JMG Group’s wider expertise and resources.
“This is a very exciting step for our business,” said Morris. “Our growth so far has come through delivering high quality services which clients are happy to recommend. Becoming part of Butterworth Spengler and the wider JMG Group means we can grow further by enhancing our services while maintaining the personal touch we’re known for in the community.”
John Lacey, Butterworth Spengler’s managing director, added: “Anchor is a quality family business which gives us a strong foothold in North Wales – an area we have been keen to move into. As well as bringing additional expertise and opening up opportunities, having this base will give our existing clients in this area easier access to our services. I can already see that Gareth and his team’s hands-on approach is a great fit for our business and I am looking forward to seeing what we can achieve together.”
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