Swinburne Maddison LLP has acted for Branch Insurance Brokers (BIB) based at Defender Court in Sunderland, in the sale of its business for an undisclosed sum.
BIB has been acquired by Leeds-based Henderson Insurance Brokers Limited (HIBL) one of the country’s leading independent brokers, with 12 offices throughout the country, including London.
BIB was established 30 years ago and for the last 12 years has operated from Sunderland’s Enterprise Business Park where six staff are employed, providing both commercial and corporate insurance broking services.
The transaction has been ongoing over the last two months and involved Swinburne Maddison’s corporate, employment and commercial property teams. The firm won the work after a competitive tender against other regional firms.
Commenting on the sale, senior partner, Larry Branch, said:
“We have received a very high standard of service from Martyn and the team at Swinburne Maddison who have taken every opportunity to keep us advised on progress, communicated efficiently with all parties and ensured that transaction was completed within the desired time frame.
“The acquisition by Henderson’s creates a fantastic opportunity for the business, its employees and its clients, with Hendersons sharing a similar ethos and approach to conducting business. I will be continuing to serve my clients’ needs as usual within my role within the Henderson organisation. I feel certain that with the backing of one of the north’s largest independent brokers, the business has a bright future ahead and that HIBL will have plans to extend their presence within Sunderland. This may well create some new jobs in the future.”
HIBL managing director, Joe Henderson, said: “I am very pleased to have concluded the purchase of BIB, which will become our 13th office and provide additional market penetration in the Wearside area. We have an ambitious development strategy, which, through organic growth of the main business and strategic acquisitions, should see us reaching gross revenue of £50m prior to 2020.”
Partner and head of the Swinburne Maddison’s corporate team, Martyn Tennant, led the transaction. The firm advised on the sale of the business as well as advising on ancillary issues concerning employee transfers and the assignment of the existing leasehold premises, which were utilised as the head office of the business.
Mr Tennant added: “It has been an absolute pleasure to work with Larry and Maria in the sale of their business and we are pleased to be able to assist with the progression of the business and its amalgamation with the Henderson group, which I am confident will be of great benefit to the business’ clients. Larry and Maria have worked hard over many years to establish a successful brokerage with traditional values associated with client service and as one of the largest independent national firms, I am sure Henderson will be in a position to echo.”
It was a double celebration for the firm’s corporate team who, shortly after completion of the BIB sale, picked up three nominations in the prestigious Dealmakers Awards 2016. As well as a Law Firm of the Year nomination, both partners in the corporate team received recognition, with Martyn Tennant being once again shortlisted in the Corporate Lawyer of the Year category and Alex Wilby in the Young Dealmaker of the Year category. The winners will be announced at a dinner which is taking place at the Marriott Gosforth Park Hotel on 8th September 2016.