Buyout deal for Birmingham insurance broker by Yorkshire group

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A Birmingham insurance brokerage has been bought out by a Yorkshire firm.

Madoc & Rhodes, which is based in the Lea Hall area of the city, has been acquired by Leeds-based JM Glendinning Insurance Brokers.

Incorporated in 1967, Madoc & Rhodes employs a team of seven insurance brokers led by managing director Paul McGrory who has worked in the industry for almost four decades.

The business will continue to deliver vehicle, home and property insurance services from its current base office while working closely with JM Glendinning’s Birmingham office in the city’s Colmore Business District.

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Mr McGrory joined Madoc & Rhodes in 1985, became co-owner in 1997 and sole owner 11 years later.

He said: “We’ve experienced significant growth over the last 12 months and, by joining the JM Glendinning, we are now stronger than ever. We are a friendly and proudly traditional team who thrive on delivering outstanding customer service.

“Every client is important to us and we have a fantastic retention rate. In fact, we have fifty clients who have been with us for over 50 years.

“I was considering a change in career when this opportunity came about but I am delighted that the right business came along at the right time.

“This move will allow me to get back to the shop floor, working directly with clients and investing time in the team and developing our offering.”

Jake Fox, group managing director at JM Glendinning, added: “This will unlock many opportunities as we build upon the existing well-known brand and quality service that’s already associated with Madoc & Rhodes.

“As a long-standing firm in Birmingham, we believe it will complement our established team in Birmingham, led by Chris Hitch, and add breadth to our existing base in the city and beyond. Paul’s strong, principled leadership will no doubt help continue driving growth in the business.”

Terms of the deal were not disclosed.

Madoc & Rhodes was advised by The Company Solicitor and MDP Accountants.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Buyout deal for Birmingham insurance broker by Yorkshire group

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