Towergate Partnership today announces the
acquisition of MacDonald Reid Scott Group Ltd, the leading Glasgow
based insurance broking and financial services firm.
Established in 1981 by Ronnie MacDonald,
Graham Reid and Ian Scott, MacDonald Reid Scott Group Ltd comprises
of two companies, MacDonald Reid Scott Insurance Brokers Ltd
(MRSIB) and MacDonald Reid Scott Financial Ltd (MRSFS). Both
businesses operate from Glasgow in addition to offices in Edinburgh
and Perth.
MRSIB is a leading general insurance broker
which boasts a strong commercial lines business in property,
liability and commercial motor. The business controls
premiums in excess of £9M. Under the deal all of the staff
have made the move to Towergate and will continue to be led by
Managing Director Bernard Dunn.
MRSFS is a highly respected employee benefits
and wealth management adviser with significant growth
potential. Under the leadership of Managing Director Douglas
McIntyre, the team at MRSFS will all become part of the newly
formed Towergate Financial Services.
This acquisition is part of Towergate’s
exciting expansion plans for Scotland where it already has a
significant presence. Towergate acquired J W Group in April
2007, a long established business with six offices based in
Edinburgh, Glasgow, Kirkcaldy, Berwick, Jedburgh and
Galashiels. In January 2008, Towergate also acquired McAra
Associates a leading broker based in Aberdeen. In February
2008, Towergate Financial Services acquired Albannach Financial
Management Ltd, a leading wealth management, financial planning and
mortgage specialist based in Edinburgh and Glasgow.
Peter Cullum, Executive Chairman of Towergate
said, “This is another great signing for Towergate in Scotland
where we have strong ambitions to build our capabilities in both
general insurance and financial service sectors. The
MacDonald Reid Scott Group is a leading player in the Scottish
market whose team adds some great expertise to the Towergate
family”.
Patrick Snowball, Chairman of Towergate
Financial Services said, “MacDonald Reid Scott Financial Ltd is a
great addition to Towergate Financial Services. We have
exciting plans to expand our presence in Scotland through the
acquisition of well run IFA businesses as part of our new model for
this market”.
Ian Scott, Chairman of MRSFS said “This is a
very exciting new phase in our development. We have built our
business on our commitment to offering a very competitive and
compelling proposition to clients”.
Ronnie MacDonald, Chairman of MRSIB said “I am confident that
Towergate is the ideal partner to support us in this next phase of
development, whilst maintaining our ethos of a personal &
professional service to our clients, upon which we have built our
business."
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Tel: 01622 656782
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk
