The Ardonagh Group Completes Acquisition of Bennetts Motorcycling Services Limited
07 August 2020
The Ardonagh Group (“the Group”) today announces that, further to the announcement on 17 February 2020 confirming that Atlanta Investment Holdings C Limited, a subsidiary of Ardonagh, has exchanged contracts in relation to the purchase of Bennetts Motorcycling Services Limited (“the Company” or “Bennetts”), it has now completed this acquisition following necessary approvals from the FCA.
As announced by the UK Competition and Markets Authority (CMA), the CMA has launched an investigation into the proposed acquisition by Ardonagh of Bennetts. On [Friday 7 August 2020], the CMA (as customary) imposed an Initial Enforcement Order (“IEO”), also known as a ‘hold-separate’ order on Ardonagh Group Limited and Bennetts Motorcycling Services Limited (www.gov.uk/cma-cases/ardonagh-group-bennetts-motorcycling-services-merger-inquiry). The overriding purpose of the IEO is to ensure that Ardonagh and Bennetts are held separate during the course of the CMA’s merger investigation and that the competitive structure of the markets in which Ardonagh and Bennetts operate is maintained.
Further announcements on the progress of the IEO will be made in due course.
Notes to Editors
THE ARDONAGH GROUP
The Ardonagh Group is the UK’s largest independent insurance broker with global reach. We are a network of over 100 locations across the UK and Ireland and a workforce of over 7,000 people. Formed in 2017 and following a series of acquisitions in 2018, Ardonagh today brings together best-in-class brands including Autonet, Arachas, Bishopsgate, Bravo Group, Carole Nash, Geo Underwriting, Price Forbes, Swinton, Towergate and URIS. Our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver solutions that meet our customer needs.