Broker targets Scotland with key appointments
Giles Insurance Brokers has made Surrey-based Sutton Barnard its latest acquisition following the recent £500 million private equity investment in the company, Insurance Times can reveal.
Sutton Barnard, previously part of the Sutton Group of companies, was formed in 1994 and commands premium income of approximately £5 million.
The firm, which has 31 staff currently reporting into its Godalming office, has specialisms in the motor trade, hotel, pub and bed & breakfast and printing industries.
The company was established and managed by Peter and Allison Barnard who are retiring as Directors but will continue to operate as consultants under the firm’s new management structure.
Chris Giles, chief executive of Giles Insurance Brokers, said: “We are keen to accelerate our acquisition drive in line with the strategy we outlined following the major investment made in the company by our private equity partners.
“We believe there are excellent opportunities for growth in the south of England. The acquisition of Sutton Barnard further strengthens our presence in the area and offers obvious synergies with our existing motor trade business in Luton.”
Meanwhile, Gordon Crosbie has been appointed as Scottish regional managing director to strengthen its Scotland presence .
Crosbie joined Giles in October last year following Giles’ acquisition of Falkirk-based broker Crosbie & Jack.
Giles intends to focus its attention on growing in its Scottish heartland and is actively seeking to acquire brokers north of the border.
Crosbie said: “The investment from Charterhouse means we can now accelerate our acquisition programme and bring some stability to the market – particularly in Scotland, where it is still very fragmented. We are keen to ensure Scotland remains at the core of our plans for the growth of the business.”
In a related move Hazel McIntyre has been appointed mergers and acquisitions director. McIntyre joins the company from Royal Bank of Scotland, where she spent 19 years in a variety of roles. McIntyre is currently expanding her team to help accelerate Giles’ consolidation of smaller commercial brokers across the UK. She said: “I’ve spent the majority of my career to date working on private equity transactions and this will be the focus of my work with Giles.
"We have made a number of strategic acquisitions in England as we seek to expand our geographical footprint, and we are now keen to hear from potential vendors north of the border."
Last month, Giles acquired commercial lines specialist broker Robinson Leslie, Birmingham-based Midland Risk Management and Welsh broker DS Howell.
