Accountancy and business advisory firm BDO LLP has advised on the sale of Ipswich-based general insurance broking specialist, WM Brokers Limited.

The company, formerly the general insurance arm of Woodward Markwell Insurance Brokers Limited, was acquired by Global Risk Partners (GRP) for an undisclosed sum. As part of the transaction, WM Brokers Managing Director, David McGowan, will remain with the business as it looks to capitalise on GRP’s investment in the future of the business.

BDO’s Corporate Finance team advised the directors and shareholders of Woodward Markwell. The team was led by Roger Buckley, Corporate Finance Partner, alongside Corporate Finance Director, John Gethen, and Adam Whistance, Head of Insurance M&A.

John Gethen said: “The financial services sector in East Anglia is a core strength of the region and Woodward Markwell has been a stalwart of the insurance market for many years. This transaction demonstrates the ongoing appeal of well-established and highly regarded businesses that have stood the test of time, but continue to innovate in an ever-changing market.”

Whistance added:We were delighted to assist the directors and shareholders of Woodward Markwell on this transaction and wish them, the wider management team and all of the employees every success for the future. GRP is one of the top independent insurance intermediaries in the UK and I am sure that with their backing, WM Brokers will continue to go from strength to strength.”

WM Brokers is a chartered insurance broker that has been established in East Anglia for over 40 years. It provides bespoke insurance broking services including a range of business, personal and specialist insurance services.

McGowan said: “BDO delivered an outstanding professional service throughout the process, utilising their specialist skills and experience. The transaction was complex, but the BDO team worked seamlessly across corporate finance, tax and accounting disciplines and worked hand in hand with our legal advisors to deliver a great deal for both the shareholders and the future of the business.”