The new addition plans to use Ethos Broking’s resources to aid its growth plans
Independent personal and commercial lines broker Guy Penn and Company has joined Ethos Broking Group in order to support its growth ambitions.
Lancashire-based Guy Penn and Co, which was established in 1971, operates across four North West locations, including Lytham St Annes, Kirkham, Lancaster and Poulton-le-Fylde. The business manages more than £9m in gross written premium (GWP) and employs around 30 staff.
Alongside this, Guy Penn and Co also runs two agencies for the Yorkshire Building Society, employing an extra seven staff members.
The existing workforce, led by chairman Nicholas Martin and managing director Kierson Owen, will join Ethos Broking as part of the deal. The firm’s office premises will also be retained and Guy Penn and Co will continue to trade under its own brand.
Commenting on the deal, Ethos Broking’s managing director Richard Tuplin said: “Guy Penn has been part of the Bravo family, as a Broker Network member, for a number of years so we know Nicholas and Kierson well. They run a fantastic business with a great community feel and brand, which is underpinned by its reputation for excellent customer service.
“We’re looking forward to working together to broaden the offering for customers in the North West, whilst also supporting Guy Penn’s growth plans.”
For Kierson Owen, Guy Penn’s managing director, the agreed deal provides the perfect support for actioning the broker’s growth plans, which includes a mix of acquisitional and organic growth.
She said: “We will benefit from being part of a strong, well-managed group whose people, focus, facilities and financial backing will be a key driver for us going forward.
“Over the next 12 months we will be looking to continue our growth story via further acquisitions and organic growth. We’re excited to see what this next chapter has in store and are looking forward to working with Richard and the team to take Guy Penn to the next level.”
Owen added that Guy Penn had found the “ideal home” with Ethos Broking because the business is “culturally aligned with how we have always worked at Guy Penn”.
Ethos Broking is a collection of like-minded brokers that share similar values but retain their own DNA. The group of brokerages now includes 11 regional centres and 26 satellites.