Seventeen Group acquires WPS
Seventeen Group has acquired Plymouth based Walker Persson & Spargo Ltd effective from 28th June 2019 for an undisclosed sum. WPS was established in 1968 and are a leading independent broker in the South West. They are Chartered Insurance Brokers and members of the UNA Broking Alliance. In addition to handling corporate and personal lines business on both a regional and national level, WPS handles schemes and affinity based clients across a number of sectors.
The business employs over 40 staff and generate a Gross Written Premium of £17million. WPS is led by Directors Steve Rowlands, Steve Harvey and Colin Watts, all of whom are remaining with the business along with the wider WPS team. The business will continue to trade as WPS from the existing Plymouth premises.
Speaking on behalf of WPS, Steve Rowlands Managing Director comments: “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 Chief Executive Officer Paul Anscombe adds: “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.
Seventeen Group were supported by Beechbrook Capital in this acquisition. Beechbrook Capital is a specialist lender providing innovative and flexible financing solutions to support fast growing SMEs across northern Europe.
Tim Johnston, Investor Director at Beechbrook comments: “We have thoroughly enjoyed working with Seventeen Group and we are delighted to be the new funding partner for this market-leading business. We very much look forward to supporting the group with its further growth plans over the coming years.”