Independent insurance firm, Macbeth, has completed its second acquisition in 18 months, with the purchase of Buckinghamshire-based Peter Lole. The move further consolidates Macbeth’s position as the Thames Valley’s leading chartered brokers.
Macbeth’s purchase takes its GWP income from £17 million to £23m and sees the Reading-based team grow to 45, including Peter Lole’s Tracey Meaney remaining as a director. It follows the firm’s 2019 acquisition of SME specialists CMJ and extends Macbeth’s existing commercial expertise, which includes technology, recruitment, media and life sciences, into logistics and freight.
While the transaction sees the continuation of Macbeth’s strong ambitions within the Thames Valley, the business’ 2020 organic growth of 15% was led by expanding its global client base. Last month, Macbeth announced a newly transitioned leadership team, with Paul Macbeth as CEO and Ben Butler as managing director.
“We’re thrilled to welcome Tracey and the team to the Macbeth family,” says Macbeth. "The combination of our existing commercial client base and Peter Lole’s heritage in the logistics and freight industry makes for an exciting market proposition.”
“We weren’t looking to acquire again so quickly but in Peter Lole, we recognised a business that, like Macbeth, puts its people first and is totally focused on providing their clients with an exceptional service. We’ll continue to consider selective acquisitions in the future if the fit’s right from both that cultural and geographical point of view. This isn’t about being the biggest. It’s about being the best we can be, and having some fun along the way."
Meaney, director at Peter Lole adds, “Culture is so vital with moves like this and we’re confident this is a great fit for the whole team. Macbeth’s drive, independence and entrepreneurialism has always set them apart so we’re looking forward to joining Paul, Ben and the team at this exciting juncture.”
Reading law firm Field Seymour Parkes advised Macbeth on the acquisition, with accountancy and advisory firm White Hart Associates, also acting for the business.