The Broker Investment Group (TBIG) has increased its stake in Glowsure Insurance Brokers to 49% for an undisclosed sum.
Situated in Droxford, near Southampton, Glowsure is a £5 million gross written premium (GWP) commercial insurance brokerage staffed by 17 seasoned professionals. The family business is owned and managed by husband and wife Wesley and Rebecca Haynes, along with finance director Kerry Haynes (Wesley’s mum).
The collaboration between Glowsure and TBIG began in 2017, with the latest equity transaction aimed at facilitating the team’s expansion and targeted acquisitions. The company’s directors, workforce, and premises will remain the same, as will the Glowsure brand.
Lifting the lid on the development, chief executive Wesley Haynes (pictured top right) said: “The partnership with The Broker Investment Group has worked well since our first deal in 2017, and we had no hesitation in taking additional investment and further cementing our strong partnership.
“We are really pleased with our organic growth to date and, working closely with TBIG, are aiming to achieve the £25 million GWP mark by 2028. TBIG will continue to help us with strategic, compliance, and marketing support, which is most welcome and allows us to continue doing what we do best – maintaining excellent relationships with our existing clients and winning new business.”
The CEO went on to highlight their keenness to sustain Glowsure’s alliance with TBIG, looking forward to growing the business with the wider group’s continued backing.
TBIG chief executive Dave Clapp (pictured above), meanwhile, had this to say about the investment: “I’m really pleased that TBIG has increased our percentage share of Glowsure, a business we know and trust well. Wesley, Rebecca, and their superb team are first-class and understand the commercial insurance broking market inside out.
“That, and their ambitious growth aspirations, make them a great partner, and we look forward to providing our continued support in their upward journey over the coming years.”
With the increased ownership, TBIG is on course to achieve its goal of £250 million GWP by the close of the year.
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