Right Choice Holdings buys motorcycle insurance specialist Bennetts
Bennetts has been trading motorcycle insurance since 1930 and has become one of the most popular brokers in the UK
RIGHT Choice Holdings (the umbrella company that also owns Right Choice Insurance and Bike Devil among others) has this week officially completed the purchase of Peterborough-based motorcycle insurance company Bennetts.
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The deal has been on the horizon for some time, with Right Choice confirming they were lining up to buy the firm earlier this month. Now though, the regulatory sign-off has been completed, and the Ardonagh Group (who bought Bennetts last year in a deal that has since been reversed) can now move the company on to its new owners.
The Ardonagh deal raised concerns with the Competition and Markets Authority, with them claiming that it could leave UK motorcyclists worse off – Carole Nash, the UK’s other big motorcycle insurer is already in the Ardonagh portfolio.
It is not reported what price Right Choice paid for the motorcycle insurance giant, although the deal agreed last year saw the previous owners, Saga, better off to the tune of £26m.
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Speaking of the news, Mike Joseph, CEO of Right Choice Holdings said:
“I am extremely excited by the group acquisition of the UK’s leading motorcycle insurance broker. The Bennetts brand has been established for over 90 years and is well known to all the motorcycling fraternity, enhanced by their title sponsorship of the Bennetts British Superbikes.”
“We are very proud to be the custodians of this great business and will work closely with the Bennetts’ management team to invest in and expand the business from its existing locations in Coventry & Peterborough. Both this acquisition and the recently announced other motor acquisitions, add great value to the group portfolio, giving us greater diversity and helping us to deliver the best deal to every customer, whatever their insurance needs.”
Vince Chaney, Managing Director of Bennetts added:
“The road ahead for Bennetts looks very exciting. Right Choice Holdings is a group that is agile, dynamic, and with a real entrepreneurial spirit that is in full support of our plans to gear up in our mission to help motorcyclists get more from their passion of motorcycling. Joining Right Choice Holdings early in their journey to create a disruptive and innovative group of outstanding businesses is a rare and great opportunity, and will no doubt be beneficial for our market and our customers.”
Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
