Merseyside insurer buys Grade I-listed Atlantic Pavilion to enable expansion
Acorn Group, the Formby-based insurance business, has acquired the Grade I-listed Atlantic Pavilion at The Royal Albert Dock, for an undisclosed sum.
The 81,000 sq ft site, which was built in 1846, will be used to house Acorn Group’s growing workforce.
Atlantic Pavilion, which had been on the market since 2022, has open plan workspace over basement, ground and five upper floors.
Virgin Islands-based Lumezia acquired Atlantic Pavilion in June 2018 for £10.75m.
CBRE was appointed in October 2022 to market the long leasehold, with a guide price of £8.4m. The following year, this was cut by £1.5m to £6.9m.
The building stands among several other iconic landmarks, including the Royal Liver Building, Cunard Building, and Port of Liverpool Building on the city’s waterfront, making it a key part of the city’s rich mercantile and maritime heritage.
The acquisition builds on Acorn Group’s strategy of investing in heritage office locations across Liverpool, already owning Mersey Chambers and the renowned 12 Hanover Street as part of its estate, in addition to the firm’s purpose-built HQ, The Lighthouse in Formby, north Liverpool.
Danny Keating, Acorn Group Chief Operating Officer, said: “As a growing business the acquisition of Atlantic Pavilion provides premium office space in the heart of the city, adding to our already extensive heritage estate.
“But this is much more than just an office, it’s part of the heritage and foundations of the city which we’re very proud to call our own.”
He added: “We are a local business, employing over 1,000 people from across the region and are passionate about investing in the city and communities in which we operate.”
Mike Lloyd, Acorn Group Chief Executive, said: “Investing in this iconic landmark represents an exciting milestone for Acorn. We are a growing, ambitious, and dynamic Merseyside-based business.
“As a major employer in the region, it’s vital to provide exceptional office space that supports our people while continuing our strong commitment to this great city we call home.”
He added: “By choosing Atlantic Pavilion, we’re embracing the history and character of the space while integrating Acorn’s modern working practices. It’s the perfect environment to inspire our people, nurture Acorn’s unique culture, and drive ongoing success.”
The dock was the first structure in Britain made entirely of cast iron, brick, and stone, with no structural wood, making it the world’s first non-combustible warehouse system.
Acorn Group, via its brands Acorn Insurance, Carrot, Motorcade, Flag, Rapid and Briefly, and Granite Underwriting with its network of 200 brokers, is one of the largest providers of non-standard insurance in the UK, with 500,000 live policy holders.
The group has more than 1,400 staff in Formby, Liverpool and London.
