Manchester-based broker completes buyout of non-standard broker that entered administration

Manchester-based insurance broker Principal Insurance Limited has acquired the business of Peart Performance Marque, which ceased trading having entered administration.

Peart is a Lancaster-based high risk vehicle and home insurance broker, which has been operating since 1984.

On 30 October 2025, it appointed joint administrators Dean Watson and Paul Stanley, partners at Begbies Traynor in Manchester, to manage the controlled wind down of its affairs.

The pre-packaged sale to Principal Insurance, which was completed on 31 October 2025, was led by Carl Lever, director at Begbies Traynor Group.

Watson said that in September 2025, Peart was notified that its main insurer would be withdrawing support.

“Further, there was a threat of a winding up petition which led the directors to approach us to advise on options,” he continued.

“Whilst we were able to find a well-placed buyer within a small market, unfortunately, it was not possible to protect the jobs of those at Peart. We are now taking steps to recover Peart’s remaining assets to maximise the outcome for creditors and helping the affected employees in making claims.

“This appointment demonstrates the challenges and headwinds being faced by business leaders in all sectors across the region and also that results are better for all stakeholders if appropriate professional advice is obtained at an early stage and followed.”

Policies unaffected 

The deal means 2,400 policies and their customers previously under Peart remain unaffected.

Principal Insurance continue supporting existing policies, including any queries, changes, cancellations or renewal arrangements.

Dave Bowcock, managing director at Principal Insurance, said: ”Following discussions with the administrators at Begbies Traynor, we took action to protect the interests of the policyholders impacted by Peart’s administration.

”This pre-packaged deal meant we could quickly ensure continuity of cover and bring these customers the support of a specialist broker experienced in these specialist insurance markets.”