Right Choice Holdings Limited (Right Choice Holdings) have announced the completion of their acquisition of Bennetts Motorcycling Services Limited (Bennetts).
Bennetts has been purchased from The Ardonagh Group for an undisclosed sum.
Bennetts, established in 1930 and one of the UK’s largest motorcycling insurance brands, will become a sister company to Right Choice Insurance Brokers (RCIB) under the Right Choice Holdings umbrella. RCIB is a highly successful motor insurance broker specialising in non-standard risks, based in Romford, Essex with over 225,000 customers. The acquisition will present no disruption or changes to service for the 200,000 motorcyclists that Bennetts currently service across the United Kingdom.
The announcement of Bennetts joining Right Choice Holdings comes after the recent acquisition of the Autosaint, Ladybird and First Van and Motor brands by RCIB. The acquisition of Bennetts is an important part of this newly formed Insurance Services Group who has targeted specific acquisitions that all play in different parts of the market and offer different products with capabilities and teams that complement one another.
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.”
Ian Owen, Chairman of Right Choice Holdings, said: “I’m delighted that we will be acquiring what is unquestionably the UK’s leading provider of bike insurance. It takes us a significant way forwards on fulfilling our mission which is quite simply to be a great home for best-in-class specialist insurance businesses, enabling them and their people to flourish and reach their full potential.”
Vince Chaney, Managing Director of Bennetts, said: “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.”
The acquisition by Right Choice Holdings comes at a very exciting time for Bennetts as the typical ‘riding season’ gets up to speed. Having recently achieved an unmatched twelfth consecutive Defaqto 5 Star Rating and consistently rated ‘Excellent’ on the consumer reviews platform, Trustpilot, Bennetts also signed a two-year agreement at the start of 2021 to become the most dedicated title sponsor in the 25-year history of the British Superbike Championship. This allows the brand to maintain high levels of brand exposure and engagement with riders and fans at each round and across multiple platforms, bringing them closer to the action by offering them unrivalled experiences and insight to the championship.
As part of its pledge for riders to ‘Get more from motorcycling’, the broker has also relaunched its unique to motorcycling membership programme, Bennetts Rewards, proposition to become BikeSocial. Membership to BikeSocial is offered as part of insurance cover purchased directly with Bennetts or through a 12-month subscription. BikeSocial offers members hundreds of opportunities including savings and discounts on everything from the world of motorcycling, exclusive competitions and incredible prizes, unique experiences and VIP access at the very best motorcycling events and trusted motorcycling advice, engaging features, and in-depth reviews from experts, amongst much more.