North West-based specialist medical and healthcare broker, Nugent Santé is to embark on expansion plans following the acquisition of 50 per cent of its business by the MAC Group for an undisclosed sum.
Nugent Santé, which was formed last year by its managing director, Paul Nugent, officially launched in January 2016 but already manages in excess of GBP5 million of annual insurance premium for private and corporate clients.
The company, which employs 10 people from its Lancashire headquarters, is aiming to distance itself from other brokers by offering a rounded proposition that focuses on keeping clients healthy and then supporting them when they are ill.
Isle of Man corporate financial advisor and insurance broker MAC Group, which comprises MAC Financial, MAC Commercial and MAC Financial Pension Trustees, manages the benefits of 11,500 employees in schemes on the Isle of Man.
The acquisition of the 50 per cent stake in Nugent Santé signals a period of growth for MAC Group, which has ambitions to further extend its reach into the UK.
MAC Group’s managing director, Jon McGowan, says: “We are delighted to announce our partnership with Nugent Santé which not only gives us opportunities for expansion in the UK but also offers MAC Group access to market leading healthcare schemes that are simply not available elsewhere.
“Nugent Santé is a dynamic young company that specialises in dealing with small to medium enterprises and brings a new sense of purpose and energy to the health protection sector. Its services and facilities will be at the full disposal of our Isle of Man corporate clients and we look forward to building on our relationship over the coming months.
“This acquisition is part of a strategic plan of investment and development for MAC Group. We believe it will act as a springboard for further acquisitions and other opportunities. We already have a number of exciting developments in the pipeline and hope to make more announcements later in 2016.”
Paul Nugent, managing director of Nugent Santé, adds: “The investment into the business by MAC Financial provides a wealth of growth opportunities. Having built a strong relationship with Jon and the team at the wider MAC Group, it also gives us comfort and stability in the early years of the business and presents a platform to deliver a sustainable expansion plan.
“Our business has grown organically through doing the basics right – offering a first class service but this investment will be a key factor in the future success of Nugent Santé. I’m extremely excited about the potential we can achieve working with the MAC Group and how we can also support its plans to develop its business in the UK.”
Nugent Santé was advised by David Filmer of Harrison Drury solicitors and Mark James Hall of MJH Accountants.
