Investment from Yorkshire insurance broker 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.
Nick Houghton, JM Glendinning Group CEO, said: “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.”
John said: “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.”
The advisers on the deal were Grant Thornton and Osborne Clarke for JM Glendinning, with KPMG and Bermans acting for Butterworth Spengler.