It is the second deal in a month for Seventeen Group

Seventeen Group has acquired Plymouth-based independent broker Walker Persson & Spargo Ltd (WPS) for an undisclosed sum.

It was effective from 28 June this year. WPS will continue to trade from its Plymouth premises and its directors Steve Rowlands and Steve Harvey and Colin Watts will also remain with the business.

WPS handles schemes and affinity-based clients across a number of sectors in addition to handling corporate and personal lines business on a regional and national level. The broker employs over 40 staff and generates a GWP of £17m.

In this acquisition, Seventeen Group was supported by specialist lender Beechbrook Capital.

It follows Seventeen Group buying Essex-based professional indemnity broker – Graybrook for an undisclosed sum in June. 

Growth plans

WPS managing director Rowlands said: “We are very proud of the business we have built in Plymouth and have received fantastic support from our staff, clients and insurers over the years.

“It was therefore of paramount importance to us that we identified a purchaser for our business who were committed independent brokers and ambitious to continue our growth plans in the South West. We have known James Hallam and Seventeen Group for many years and are confident that we can offer an exciting future for our clients, staff and trading partners.”

Seventeen Group’s chief executive, Paul Anscombe added: “WPS are a highly respected firm whom we know well. I have been truly impressed by their desire throughout our negotiations to grow their presence in the South West and to maintain their focus on client service.

“There are significant opportunities for Seventeen Group to develop our specialist sectors into the South West and to invest in the existing strengths of WPS. The joint opportunities will be in broking, underwriting and risk management.”

Tim Johnston, investor director at Beechbrook said the firm looks forward to supporting the group with its further growth plans over the coming years.”