InsightsNews - Corporate, Banking and Finance - POSTED: June 11 2020
Brachers advises on the sale of JIB Insurance Brokers Limited to Ethos Broking
Leading South East law firm, Brachers has advised shareholders on the sale of JIB Insurance Brokers Limited to Ethos Broking.
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The transaction resulted in Lincolnshire-based JIB Insurance Brokers and its subsidiary Johnstone Insurance Brokers Limited, becoming part of Ethos Broking – a national collection of like-minded brokers that share similar values.
This marks the first acquisition for Thompson & Richardson since becoming an Ethos Broking regional partner, which is part of the Bravo Group. JIB now benefits from being part of a federation of strong regional brands.
Brachers had a team of five supporting the sale. Corporate Partner Claire Williams supported by Raul Hernandez advised JIB’s shareholders, while Property Partner Ash Jilani supported by Ben Gallafant advised the shareholders on the purchase of the Scunthorpe head office and leaseback to the buyer. Antonio Fletcher, a Partner in Brachers Employment team, provided advice to JIB’s shareholders on the employment aspects of the deal.
Claire said: “We were delighted to act for the sellers and demonstrate that, regardless of lockdown, the Brachers team is still ready to complete deals. Deal activity in the insurance broking sector is positive and we’re pleased to be involved in another successful sale transaction.”
“The current COVID-19 crisis saw a few challenges to completion, but this deal proved to be resilient. Although delayed by COVID-19, the transaction was completed during lockdown with the help of technology to ensure that our team in Kent were fully connected to their Northern clients and counterparts in Lincolnshire, Yorkshire and Lancashire. This was a true nationwide deal.”
JIB Insurance Brokers Managing Director Chris Harper, and Directors Mark Broome and Mike Williams will stay on with the business under its new ownership.
Chris said: “We are delighted by the sale of JIB to Ethos Broking and welcome the knowledge and expertise this will bring to the company. JIB is an extremely close-knit team that has worked together for a long time. Client care as a priority and our client retention levels are extremely strong, bearing testament to the quality of service and professionalism of our broking team. We want to thank the team at Brachers for all their help, making the transaction as seamless as possible in these difficult times.”
The shareholders were also advised by Paul Saunders of Kent-based Integritas Financial Solutions, a leading finance broker specialising in the insurance sector.
Addleshaw Goddard’s AG Integrate Neil Woolhouse acted for Ethos Broking.
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