Insurance company Ethos Broking has announced the acquisition of Portsmouth-based independent broker and Compass Network member, Hughes and King.
Hughes and King was established in 1988 and over the years has built a strong commercial lines portfolio, managing over £4m GWP.
The brokerage employs eight members of staff, all of whom will remain within the business. Following completion, the business will retain its current premises and director Roy Blackburn will take over as commercial manager.
Finch Group, which partnered with Ethos Broking in 2016, manages £62m worth of GWP across eight offices spanning across the UK. The deal also marks Finch Group’s 11th acquisition since becoming an Ethos member.
Vince Gardner, Ethos Broking M&A director and former MD of Finch Group said:
“This purchase marks another milestone for Finch and their growth ambitions as they acquire their 11th business as part of Ethos Broking.
“We have known Roy and his team for many years and know they have a strong reputation in South East Hampshire. Hughes and King is an extremely well-run brokerage, with high standards, close client relationships and an energetic team. All of which fit with our culture and values.”
Despite Covid-19 affecting many business plans, the Ethos Broking strategy remains “unaffected with a strong pipeline of acquisition activity throughout Q2 and into the summer”.
Bravo Group CEO, Des O’Connor added: “The current landscape is uncharted territory for all of us and nobody knows for sure how this health crisis will play out. However, it’s businesses that respond quickly and decisively that will reduce the impact on results and of course customers.
“Therefore, now more than ever before we are looking to partner with high quality, well managed and ambitious management teams that are aligned with our culture, values and ethos. We will maintain our momentum and look forward to announcing our next acquisitions in the not too distant future.”