The acquisition is the broking group’s second deal since the Searchlight investment
GRP hub business Sagars has bought Preston-based commercial broker Anderson Ashcroft.
The acquisition is GRP’s second of the week after it earlier announced the purchase of Hastings-based retail broker Manor Insurance Services through hub company Green.
Sagars chief executive John Meadows confirmed the deal had received regulatory approval and that all the Anderson Ashcroft staff, plus directors John Anderson and Ian Ashcroft, would remain with the business.
Meadows commented: “This is our second acquisition since we became part of GRP in 2018 and I’m delighted to welcome an experienced team that has built a high-quality brokerage serving the Preston area.
”I am confident that we can together deliver significant growth for the business.”
Anderson Ashcroft specialises in the freight forwarding and freight transport business.
John Anderson said that Sagars “is a powerhouse in the East Lancashire area, and will provide us with the best possible springboard to grow and develop our client base in Preston and beyond.
”We look forward to being part of John’s team, with the product and service advantages that also comes with being in the GRP family.”
GRP managing director Mike Bruce added that the latest deal is the second since it received investment from private equity group Searchlight.
”Searchlight are very supportive of our M&A strategy and we have a strong pipeline of quality deals, like Anderson Ashcroft,” he said.
”Sagars has gone from strength to strength following their acquisition of Thomas Cook and, under John Meadow‘s leadership, has become a significant player in the region.
“Lancashire is the second fastest growing region in the UK, outside London and the South East, with a high number of manufacturing and engineering businesses.
”These clients are right in our sweet spot and I’m confident Anderson Ashcroft will add considerable value to the group.”
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