Tue, 04 Nov 2025 | BUSINESS SALE
The business of Peart Performance Marque Limited, a Lancaster-based high risk vehicle and home insurance broker, has been acquired out of administration. Principal Insurance has acquired the business in a deal overseen by Begbies Traynor, although all jobs at Peart Performance Marque have been lost following the administration.
Operating since 1984, Peart Performance Marque fell into administration on October 30 2025, subsequently ceasing trading. Begbies Traynors partners Dean Watson and Paul Stanley were appointed as joint administrators to manage the controlled wind down of the company’s affairs.
Manchester-based specialist insurance broker Principal Insurance acquired the firm’s business in a pre-packaged sale led by Begbies Traynor Group director Carl Lever. The deal ensures that 2,400 policies and their customers previously under Peart remain unaffected, with Principal to continue supporting existing policies, as well as changes, queries, renewal arrangements or cancellations.
Begbies Traynor partner and Peart Performance Marque joint administrator Dean Watson said that Peart had been notified in September 2025 that its main insurer would be withdrawing support, while the company also faced the threat of a winding-up petition, leading directors to approach Begbies Traynor to advise on options.
He continued: "Pre-packaged sales of regulated firms can be complex, especially in this niche area of the insurance market. Drawing on our experience and expertise in the sector, we have been able to quickly navigate the process, finding a suitable buyer and ensuring that over 2,000 insurance policies can continue without interruption.”
Despite being “able to find a well-placed buyer within a small market”, Watson said, it was ultimately not possible to protect the jobs of the Peart staff, with the joint administrators now “taking steps to recover Peart’s remaining assets to maximise the outcome for creditors”.
Watson added: "This appointment demonstrates the challenges and headwinds being faced by business leaders in all sectors across the region and also that results are better for all stakeholders if appropriate professional advice is obtained at an early stage and followed."
In accounts for the year to September 30 2024, Peart Performance Marque’s fixed assets were valued at around £34,000 and current assets at close to £800,000. Net liabilities, however, stood at nearly £60,000.
Principal Insurance Limited Managing Director Dave Bowcock said: “This pre-packaged deal meant we could quickly ensure continuity of cover and bring these customers the support of a specialist broker experienced in these specialist insurance markets.”
Principal Insurance was founded in 2011 and is an independent, FCA-regulated broker sourcing specialist insurance for businesses and individuals, including classic cars, high performance and sports cars, specialist vehicle, motorbikes, motorhomes and convicted driver policies.
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