Established in 1976, Nowell and Richards is a Staffordshire-based independent broker which specialises in tailored private and commercial insurance. It counts corporate leaders, entrepreneurs, high-profile people and professional sports stars among its clients.
Following the acquisition, Nowell and Richards managing director, Richard Nowell, will “remain at the helm to drive the business forward”.
He said: “JM Glendinning is a like-minded, independent and respected Top 75 insurance broker and we both saw an opportunity to add a new, complementary arm to their business focused on high net worth clients and associated commercial lines.”
Executive chairman at JM Glendinning, Tim Johnson, added: “Welcoming Richard and his team to the group represents the next step in an exciting growth journey for JM Glendinning. We plan to supplement our strong organic growth with a series of complementary, strategic acquisitions that will see the business grow four-fold over the next five years.
“Our aim is not to replicate the consolidators but to continue adding value to our clients through an advice-led approach, coupled with the added buying power that greater scale affords. It’s been a busy start to the year, which looks set to continue over the months and years ahead.”
Grant Thornton and Osborne Clarke advised JM Glendinning on the deal, while IMAS and Gateley Manchester acted for Nowell and Richards.