Thu, 08 Jun 2023 | BUSINESS SALE
Lycetts Holdings Limited, a Newcastle-based broker specialising in farm and estate insurance, says it is aiming to grow through strategic acquisitions after posting strong results for 2022. In accounts for the year to December 31 2022, the firm’s turnover increased from £23.5 million to £25.5 million and pre-tax profits rose from £2.7 million to £3 million.
During the year, the company, which also offers financial services and commercial, household and bloodstock insurance advice, saw both organic and acquisitive growth. In the accounts posted at Companies House, the firm said its “ongoing strategy for solid organic growth” had been complemented by the acquisition of Northamptonshire-based insurance firm G.D. Anderson & Co.
Lycetts said that the acquisition “helped to expand our reach in what had previously been an underserviced area of the country for the business." For the rest of 2023, the company said it is seeking to accelerate its “effective strategy for growth, including the targeting of strategic acquisitions.”
The firm added that it had seen “notable success” in the household and commercial lines and that there was scope for further continued growth in these areas. Overall, the firm exceeded its 11 per cent new business growth target in spite of “a prevailing hard market”.
Despite the growth the company has seen, it reported that its pre-tax profit growth was impeded by the impact of Storm Arwen on insurance as well as “sustained property investments”. These investments included the relocation of the firm’s UK headquarters to 10,000 sq ft of new office space at Newcastle’s Pilgrim Place on a 15-year lease.
In the wake of the move and its strong results for 2022, the company said that it is “looking for further growth and will continue its investment in new business initiatives”.
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