BP Marsh acquires 30pc stake in new broker SRT
By Josh White
Date: Wednesday 30 Oct 2024
(Sharecast News) - BP Marsh announced the acquisition of a 30% cumulative preferred ordinary shareholding in SRT & Partners on Wednesday - a newly established UK retail and London market insurance broker.
The AIM-traded firm said the investment, valued at £2.5m and provided through a combination of equity and loans, was fully drawn down on completion.
With the financial backing, SRT aimed to develop a premier client-centric London-based brokerage, to provide clients and partners with specialised broking and underwriting services.
SRT's growth strategy would involve building its London market brokerage, organically expanding its UK client base, and pursuing targeted acquisitions of independently-owned UK retail brokers.
In line with the plan, SRT had already completed its first two acquisitions - retail insurance broker Read Hunt, and asset finance broker First Business Finance.
Both firms served commercial clients across construction, manufacturing, and transport sectors.
SRT is led by co-founders Tom Shipston and Tom Castle, who BP Marsh said brought substantial experience in insurance broking and asset finance.
Shipston, who serves as chief executive officer, was formerly head of property and casualty at Citynet, a Lloyd's broker under PIB Group.
Castle, SRT's chief commercial officer, has extensive industry experience, including his role as managing director at First Business Protection, a brand that SRT planned to continue using.
"We are pleased with this investment in SRT, founded by a skilled and experienced management team," said chief investment officer Dan Topping, who had also been appointed to the SRT board.
"BP Marsh look forward to working with the co-founders Tom Shipston and Tom Castle to deliver on their business plan, both in building a London market brokerage and expanding their UK retail operation."
At 1220 GMT, shares in BP Marsh & Partners were up 4.11% at 627.25p.
Reporting by Josh White for Sharecast.com.
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