Employee benefits and pensions consultancy organisation Broadstone Group has acquired Manchester-based independent actuarial consulting business Mitchell Consulting, and independent trustee organisation 2020 Trustees.
The acquisitions have increased Broadstone Group’s employee headcount to 170 staff in total, and has also expanded its regional UK network to reach across five locations. This includes Falkirk, London, Manchester, Nottingham and Sheffield.
Grant Stobart (pictured), chief executive officer at Broadstone Group, said: “[This] announcement represents an important step in the growth of Broadstone’s business and in the delivery of market-leading defined benefit, defined contribution, risk and healthcare consulting solutions to clients. We welcome the Mitchell Consulting and 2020 Trustees’ employees who join the Broadstone Group and I look forward to working together to enhance the service offering to all of our clients.
“Our strategy is to grow both organically, with a particular focus on small and medium sized organisations that are often poorly serviced by the larger consultancies, and by acquisition. Looking ahead, backed by Livingbridge, we will continue to pursue further acquisitions with firms that share our cultural values and complement our expertise and service.
“This acquisition widens Broadstone’s geographic reach into the north of England and strengthens its position as a full-service provider of employee benefits and pensions in our target market. Additionally, it widens the group’s service capability by adding 2020 Trustees, a leading independent trustee firm. 2020 Trustees, which is known for its expertise in working with distressed schemes and their sponsoring employers and is one of the five firms on the Pension Protection Funds (PPF) Trustee panel, will remain independently managed.”
Nigel Jones, chief executive officer at Mitchell Consulting, who will lead the new combined consulting actuarial business, added: “There is a strong cultural fit between our [organisations]. Broadstone has an excellent reputation in the marketplace with an impressive range of client solutions. Mitchell Consulting is well known in the north of England and, like Broadstone, shares a deep understanding of [small and medium-sized enterprises] that are often under-served by the large consultancies. The acquisition is good news for clients, who will benefit from an expanded network, access to a larger pool of consultants providing expert guidance and solutions, and access to new tools, platforms and support services that will help meet their needs.”
Antony Miller, chief executive officer at 2020 Trustees, said: “We have been considering ways to build on 2020 Trustees’ rapid growth for some time. The market has a growing need for a more progressive approach and our style of balanced, pragmatic, commercial trusteeship offers that. The Broadstone Group will help us reach a wider market and provide the support that we need to expand.”