Yorkshire insurance broker completes MBO
A YORKSHIRE insurance brokers, which was founded more than 90 years ago, has completed a seven-figure management buyout.
The buyout of Packetts, based in Shipley, West Yorkshire, was led by managing director Marshall Sugden.
Packetts was founded in 1920 by Sydney Packett. In recent years, it has been run by Sydney’s grandsons, Andrew and Charles, who remain heavily involved in the business following the deal.
Sugden, who joined the firm last year from Bluefin Group, said: “After 94 years, we have restructured the business and are looking forward with enthusiasm.
“We will now work to push the business forward.”
Joining Sugden in the new management team is finance director Rob Marshall, who joined the company from KPMG, and Wendy Butterfield and Wayne Cowley, who have been part of Packetts for the past 20 years.
Packetts has a team of 32 people based at its Salts Wharf site. The firm places premiums of £15m annually for its commercial clients.
Looking forward, Sugden said: “Our plan is to simply keep doing what we are good at. Client retention is extremely high and we have had some good wins recently, so that’s a great starting point. It is evolving and we will continue to grow.
“In the past 12 months leading up to the MBO, we grew the top-line by 12%, so we aim to carry on this growth. Andrew and Charles will continue to look after our existing clients alongside the new management team.”
Packetts specialises in commercial and SME’s, the not-for-profit sector, training organisations and specialist Insolvency work.
