Towergate strengthens presence in Scotland through the
acquisition of MacDonald Reid Scott Group Ltd
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