Nick Houghton, CEO of JM Glendinning
Investment from JM Glendinning has facilitated a management buyout at Butterworth Spengler, in a move that will see the North West broker forge ahead under joint ownership.
Based in Liverpool, Butterworth Spengler is a privately owned insurance broker operating across three divisions: commercial insurance, professional risks, and specialist schemes. Following the investment, the firm will continue to be run by the existing management team led by Managing Director, John Lacey. The business employs 30 staff at its offices on Merseyside and will continue to trade under the Butterworth Spengler brand.
John says, “The investment from JM Glendinning will allow us to grow more quickly and recruit some of the best people in the market, whilst our clients will continue to deal with the people they know well. Being part of a larger group will also create career development opportunities for our team, which wouldn’t otherwise exist as a smaller, stand-alone business.”
A management buyout at JM Glendinning in November last year backed by growth investor Synova saw former Stackhouse Poland Chief Executive Tim Johnson join the business as Executive Chairman. He says:
“The Synova deal provided funding to support our growth plans for the business. Investing in Butterworth Spengler is the first step on that journey, which will combine organic growth with a series of complementary strategic acquisitions. There are exciting times ahead for JM Glendinning.”
Group CEO Nick Houghton adds, “The success of the JM Glendinning group is in no small part down to our independence and the personal service we offer our clients. Butterworth Spengler is a well-respected broker with a similar culture and approach, working across the North West with clients ranging from large corporate to SMEs. Investing in the business will help both firms continue their growth journeys whilst enabling all of our clients to benefit from the greater buying power that being part of a larger group affords.”
Grant Thornton and Osborne Clarke advised JM Glendinning on the Butterworth Spengler deal, with KPMG and Bermans acting for Butterworth Spengler.