Startup broker gets major investment and makes double acquisition

Recently launched UK retail and London market broker SRT and Partners has completed two acquisitions after receiving a major investment from BP Marsh.

According to Companies House, the startup broker, which is headquartered in London, was incorporated on 13 June 2024.

It was founded by Tom Shipston and Tom Castle, who have taken on the roles of chief executive and chief commercial officer respectively.

BP Marsh has taken a 30% stake in the business and, in turn, provided £2.5m of funding via a mixture of equity and loan.

SRT and Partners have already used part of these funds to complete its acquisitions of Read Hunt, an independent retail insurance broker, and First Business Finance, an independent asset finance broker.

SRT and Partners plans to acquire more UK retail brokers that are independently owned.

In a joint statement, Shipston and Castle said: “We are delighted to be entering into partnership with BP Marsh, an organisation with a proven track record in the UK retail and wholesale space.

“Our goal is to build SRT and Partners into a market-leading broking provider in the UK, by becoming a valued and key strategic partner for our clients.

“Our vision, launching with the clear potential of the consolidated proposition of Read Hunt and First Business Finance, will provide a platform for growth with its unique offering to existing commercial clients and new partners alike. We look forward to working with BP Marsh over the years to come to achieve this vision.”

Experience 

Castle and Shipston both have experience within insurance broking and asset finance businesses.

Shipston was most recently head of the property and casualty division at Citynet, the UK Lloyd’s broking arm of PIB Group.

And since July 2021, Castle has been managing director and co-founder at First Business Protection, a brand and trading style which SRT will continue to use.

Dan Topping, chief investment officer at BP Marsh and board member at SRT and Partners, said: “We are pleased with this investment in SRT and Partners, founded by a skilled and experienced management team.

“BP Marsh look forward to working with the co-founders Shipston and Castle to deliver on their business plan, both in building a London market brokerage and expanding their UK retail operation.”