Perth firm sold

Insurance broker GS Group acquired by JMG

George Stubbs: access to new markets (pic: supplied)

GS Group, Scotland’s largest independent insurance broker has been acquired by the JMG Group, subject to regulatory approval.

The GS Group was formed in Perth 31 years ago by managing director George Stubbs. It now has 50 employees, with additional offices in Aberdeen, Glasgow and Dundee.

The JMG deal – for an undisclosed sum – will allow the GS Group to expand its footprint and grow its team.

Mr Stubbs, 57, who will remain a shareholder and continue to lead the GS Group business, said the management team had already drawn up growth targets.

“We are currently a £30m gross written premium (GWP) business and this investment will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four to five years,” he said.

“The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to grow the business.”

Nick Houghton, chief executive of JMG Group, said: “This is an exciting deal for our expanding group as our growth strategy ramps up another gear. The GS Group is a major player in Scotland and this deal complements our recent investment in the Scottish broking market, taking our GWP placed in Scotland to £50 million.” 

JMG Group is made up of 15 businesses operating out of 19 offices throughout the UK. It was created by a management buy-out from the Glendinning family in November 2020 by Mr Houghton, backed by private equity company SYNOVA.

GS Group was advised by Andrew Gould and Gavin Hood of Deloitte Corporate Finance as exclusive lead financial adviser and Ewan Gilchrist and Gordon Tatnell of Dickson Minto as legal adviser. JMG Group was advised by Gordons Solicitors and Deloitte.

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