Fri, 17 May 2024 | BUSINESS SALE
Brown & Brown (Europe) has continued its acquisitive activity in the retail insurance sector by acquiring two family-owned brokers. The group will acquire 100 per cent of the share capital of Preston-based Garratts Insurance Brokers Limited and the business and assets of Essex firm BNF Insurance Services, with both firms becoming part of its retail segment.
Garratts is a chartered insurance broker specialising in a range of sectors, including hospitality, retail, motor trade, food and education.
The firm dates back to 1877 and has been passed down through the Garratt family for several generations. The company has recently undergone a period of expansion, overseen by directors Richard Garratt and John Grindley.
Alastair Christopherson, regional managing director at Brown and Brown Europe, said: “We are thrilled to be acquiring a business with such a long-standing family history and we look forward to welcoming Richard, John and the rest of the Garratts’ team.”
“The business will continue operating in Preston and I look forward to supporting them as they embark on the next stage of their journey as part of the Brown and Brown team.”
BNF Insurance Services, which is based in Clacton, Essex, is a retail broker which writes insurance commercial customers and creatives, as well as the property and motor industries.
Post-acquisition, company owner Barry Burns, who works as a sole trader, will operate from the WM Brokers Ipswich office post-acquisition, along with the rest of the transferring team, as part of Brown & Brown’s East Anglia team.
WM Brokers managing director David McGowan commented: “It’s great to welcome Barry and his team to Brown & Brown. He has run a highly successful brokerage with a quality book of customers and a strong affinity for the local area where his business operates. BNF will be a valuable addition to our portfolio.”
Brown & Brown (Europe) is the international operating division of US firm Brown & Brown. The company has undertaken significant acquisitive activity in the UK over recent months, taking advantage of continuing fragmentation to acquire brokers across the UK and integrate them into regional hubs.
Despite remaining the most active marketplace in Europe for broker M&A, there are signs that the supply of UK acquisition targets may be declining
Successful Mechanical and Electrical Engineering consultancy business based in several leasehold locations nationally.
Established over 6 years following a buy-out from a national firm by a partner and grown since by recommendation. ACCA regulated, the principal wishes to retire but available over the short to medium term if required.
Ideal for a large established practice to take itself to the next level, or for an acquirer seeking to extend in the London area.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.