Dow Schofield Watts’ North West team advised Tower Insurance Brokers on its acquisition of Wilmslow-based Riskworks, as the TDC-backed broker sets its sights on £75m-£100m in gross written premium (GWP).
The TDC-backed business has acquired Wilmslow-based insurance broker Riskworks, adding more than £5m in GWP and taking Tower’s run-rate GWP beyond £40m.
The acquisition marks the beginning of Tower’s buy-and-build strategy, with the business considering further opportunities across the UK alongside continued organic growth of more than 20 per cent annually. It comes eight months after securing a major growth funding line from private credit investor TDC.
Founded in Lytham in 2017, Tower has grown from a one-person operation into a Top 100 independent insurance broker employing 52 people.
The Riskworks deal will strengthen its presence across the North West and establish a significant base in the Manchester market.
Riskworks has a team of experienced individuals with a reputation of delivering creative insurance solutions to companies in all sectors, in particular commercial, food, technology and energy. It has an experienced high net worth team and will become Tower’s centre of expertise
The Riskworks team will remain with the business, which will continue trading under its existing name as part of Tower Insurance Brokers.
Tower was advised on the transaction by Dow Schofield Watts’ North West team, led by Gregg Pendlington, Jack Keoghan, and Ben McKie. Legal advice was provided by Jonathan Robinson and Alec Mackenzie at DWF, while tax advice was provided by Peter Hully at Claritas.
Ben Edwards and George Walmsley of Addleshaw Goddard advised TDC.
Riskworks’ majority owner, Nick Gray, the founder, will support the transition and integration.
Nick added, “I am delighted that Riskworks has joined forces with Tower Insurance Brokers. It’s a perfect fit, as we share the same vision of providing clients with a personal service backed by a team of highly skilled insurance professionals.
Tower has a strong reputation in the insurance market, which will be invaluable in growing the business and supporting Riskworks’ clients. This will ensure we continue to deliver the best possible insurance and risk management service. Tower also has a dedicated in-house claims team, which will be important in supporting Riskworks in this vital area of client service.”
Jon Petty, Investment Director at TDC, commented, “Tower has continued to perform strongly since our investment, combining impressive organic growth with a clear strategy for building a larger national insurance group.
Riskworks is an excellent first acquisition. It strengthens Tower’s position in the North West, brings valuable specialist capabilities into the group and demonstrates the quality of business Tim and the team are looking to acquire. We look forward to supporting Tower as it works towards its ambition of becoming a £100m broker.”
Tower Insurance Brokers has completed the acquisition of Wilmslow-based insurance broker Riskworks, marking the first deal in its buy-and-build strategy as it targets between £75m and £100m in gross written premium (GWP).
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