Broker Network sets ambitious target for new acquisition
Broker Network has bought Paisley-based broker and member Boyd Insurance for an undisclosed sum.
Boyd will be Broker Network’s second “regional broking powerhouse”. The first was Reading-based commercial broker Finch, which Broker Network bought in October last year.
Broker Network uses its regional powerhouses to then acquire smaller brokers in the particular region.
Boyd, established 40 years ago, handles £12m of gross written premium (GWP) and employs 25 people. Broker Network says it wants to grow Boyd’s GWP to over £20m in the next three years.
Broker Network chief commercial officer Des O’Connor said: “Boyd Insurance has been a member of Broker Network for over 10 years, benefitting from our range of products and services and fitting with our unique culture.
“Our new Broker Network Partner will retain their identity and maintain a sense of independence but with support from me and the Executive Team. It’s fantastic to work with a regional team that are highly ambitious with strong growth plans to take the business from £12m to in excess of £20m within the next three years.”
Boyd managing director Eric Richardson added: “This partnership gives us the best of both worlds. Retaining a local ownership will enable continued organic growth focused on providing a close personal service to our commercial clients while the investment from Broker Network will provide access to capital to facilitate the acquisitions of like-minded, compatible businesses.”