Acquisition of IR35.io further strengthens Kingsbridge’s position as the leading provider of insurance and IR35 status assessment and consulting services to contractors / freelancers and the recruitment industry
July 2, 2020 — Kingsbridge Group Limited, the UK’s leading provider of specialist insurance services to skilled contractors, freelancers and the recruitment industry, has entered into an agreement to acquire IR35.io, a market-leading online IR35 status assessment tool. This marks Kingsbridge’s first acquisition since its sale to NSM Insurance Group in March 2020.
Powered by a proprietary algorithm, IR35.io is the UK’s first end-to-end solution that enables individual contractors, recruitment agencies or end-clients to immediately assess the IR35 status of contract-based roles and whether a contractor should be treated as an employee or not for tax purposes. Most notably, it enables users to manage and report on the complex multi-party process that a robust and auditable IR35 status assessment requires.
By working with Kingsbridge, end-clients and recruiters can now instantly determine IR35 status and ensure that legitimate contractors are able to continue to work outside of IR35. Moreover, Kingsbridge’s online tool is complemented by a consulting service that provides a manual review of indeterminate cases to help navigate IR35 and advise on accurately assessing roles. These services are available on a one-off basis or through a monthly subscription called IR35 Complete, giving access to unlimited tests and a range of value-added support and services.
“We are thrilled to welcome IR35.io into the Kingsbridge Group. In the wake of the COVID-19 pandemic, the importance of the UK’s army of self-employed contractors and freelance workers and their role in getting the nation back on its feet is now more critical than ever,” said James Twining, Chief Executive Officer of Kingsbridge Group. “Our enhanced IR35 offering now provides a unique combination of automated status-assessment and human judgement, backed by a bespoke insurance product, that will enable end-clients and recruitment agencies to navigate the forthcoming changes in the IR35 tax legislation with minimal disruption to their business or the livelihoods of the contractors they work with.”
Kingsbridge’s unique IR35 offering also includes access to market-leading levels of IR35 insurance. This enables end-clients and recruiters to be protected from investigation costs and fines and penalties that may result from a role assessment being subsequently challenged by HMRC, provided that role has successfully passed an approved IR35 status assessment test.
“We invested in Kingsbridge because we believe in the long-term trends that are driving the growth of the contract and freelance based market,” said Geof McKernan, Chief Executive Officer of NSM Insurance Group. “IR35.io is a game-changing acquisition that further demonstrates Kingsbridge’s entrepreneurial vision and commitment to the contractor sector and the recruitment industry. We have strong confidence in the Kingsbridge management team and their ability to drive sustainable growth and profit of the business.”
To learn more about Kingsbridge, please visit kingsbridgegroup.com.
The Kingsbridge Group has grown to become the UK’s leading provider of specialist insurance and IR35 services to the UK’s rapidly growing contingent workforce of contractors, freelancers and gig workers, through its Kingsbridge Contractor Insurance and Dinghy brands. It is also one of the leading providers of specialist brokerage services to corporate clients in the utility, recruitment and other industries through Kingsbridge Insurance Brokers.
Revenue growth over the past three years has averaged in excess of 25 percent and it now services over 50,000 customers, working with over 500 partners and through its own online distribution channels. This growth illustrates the success of Kingsbridge’s strategy to position itself to benefit from the long-term shift in the UK economy away from permanent roles toward a more flexible workforce, allowing companies of all sizes to access highly skilled professionals when they need them.
The Kingsbridge Group, which employs 75 people, is headquartered in Tewkesbury, Gloucestershire, and has offices in London, Liverpool and Guernsey. Kingsbridge is owned by NSM Insurance Group, the leading provider of specialty insurance programs in the US.
Kingsbridge was named as the 2018 Independent Broker of the Year by Insurance Times and in March 2020 as one of the UK’s top five insurance employers by the Insurance Post. Dinghy was named as the UK’s most disruptive insurance company by Disruption 50.
For more information, please visit www.kingsbridgegroup.com and www.nsminc.com.
Contact: James Twining, Group CEO
Tel: +44 (0) 01242 808 740