Howden is set to further expand its employee benefits practice in the UK after announcing an agreement to acquire Evelyn Partners Financial Services Limited (EPFS), a division of Evelyn Partners.
EPFS provides consultancy services to employers and trustees, focusing on mid-market and fast-growing firms. The team, led by Gareth Sawyer, offers advice on group risk, healthcare benefits, employee engagement, communications, and wellbeing packages.
The acquisition is lined up for completion in the first quarter of 2026, subject to regulatory approval. Upon completion, 38 professionals based in London, Bristol, Glasgow, and Guildford will join Howden, with Sawyer reporting to Cheryl Brennan (pictured above), managing director of Howden Employee Benefits.
The move follows Howden’s acquisition of Barnett Waddingham in March, which significantly increased its presence in the global employee benefits and pensions advisory sector. The combined business now includes around 4,000 experts in 40 countries and generates revenues exceeding £500 million.
“This acquisition reinforces Howden’s investment in our market-leading, full-service employee benefits proposition, strengthening our ability to deliver fresh thinking and trusted advice for corporates seeking a global employee benefits broker with a client-first approach,” Brennan said.
The acquisition comes at a time when the UK employee and health benefits market is experiencing considerable change. This year alone, employer demand for preventative healthcare and insurance has contributed to record growth in private medical insurance (PMI).
Insured admissions reached 171,000 in the first quarter, and approximately 14% of UK adults now have PMI. This growth is largely driven by businesses looking to enhance health coverage for their employees in response to evolving workforce needs.
Regional trends have also emerged, with Scotland and Northern Ireland seeing increases in insurance-backed admissions, while England and Wales experienced slight declines in early 2025.
The sector’s evolution is further influenced by ongoing NHS backlogs and rising long-term sickness rates. As of mid-2025, 2.78 million people in the UK are economically inactive due to long-term illness, prompting more employers to offer private health insurance to support staff and maintain productivity.
