30 September 2020
The Ardonagh Group today confirms that it has proposed to divest Bennetts Motorcycling Services Limited to address the concerns raised by the Competition and Markets Authority during its review of the recent acquisition.
Ardonagh’s subsidiary, Atlanta Investment Holdings C Limited, exchanged contracts on 17 February 2020 and Ardonagh voluntarily notified the merger to the CMA. The transaction completed on 7 August 2020.
Following its Phase 1 investigation, the CMA announced on 16 September 2020 that it would refer the merger for an in-depth Phase 2 investigation unless Ardonagh offered suitable undertakings to address the CMA’s concerns. The CMA announced today that it proposes to consider and consult on Ardonagh’s proposal to divest of the Bennetts business and effectively reverse the deal.
Atlanta CEO Ian Donaldson said: “We are disappointed with the CMA’s Phase 1 findings. Rather than enter into a long, burdensome and expensive Phase 2 enquiry we have decided that an appropriate course of action for Atlanta is to divest Bennetts in order to focus on continuing to provide excellent choice and service to motorcycle riders, and to provide clarity for both Atlanta and Bennetts moving forward.
“We remain committed to delivering great value services to customers and will now concentrate our efforts on organic growth with our Carole Nash and Swinton Bike brands.”
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.