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Sunderland insurance firm BIB acquired by Leeds’ HIBL

Sunderland-based insurance firm Branch Insurance Brokers (BIB) has been acquired by Leeds firm Henderson Insurance Brokers Limited (HIBL) for an undisclosed sum.

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 Newcastle-based law firm Swinburne Maddison’s corporate, employment and commercial property teams.

Larry Branch, senior partner, 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.”

Joe Henderson, HIBL managing director, 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.”

Swinburne Maddison partner, Martyn Tennant, led the transaction. The law 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.”

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