Needham Insurance Services acquire Baldersons Insurance
Needham Insurance Services are delighted to announce their latest acquisition - Baldersons Insurance based in Sheffield - taking total GWP to £8m.
Baldersons senior management team and staff all remain as part of the business, in the current premises in Sheffield. The Baldersons brand, established in 1972, will also continue ensuring continuity for all staff and customers.
This is Needham’s sixth acquisition since Neal acquired the business in 2000 and follows the successful integration of Inspire Insurance Services and their customers in November 2020.
Using a combination of organic growth and further acquisitions, Needham’s ambitious turnover target is £20m+ GWP by 2025 with the business currently circa 80% commercial lines and 20% personal lines.
Neal Lowe, Managing Director of Needham Insurance, comments:
Neal Lowe, Managing Director, Needham Insurance
“I am really pleased to have got this deal over the line in the first half of 2022, and we warmly welcome all staff and customers of Baldersons Insurance to the Needham family. We’re delighted to have them on board, it’s a fantastic acquisition and a perfect fit for us. We’d like to reassure everyone it really is business as usual for all staff and valued customers moving forward.”
This definitely isn’t where Neal now takes a step back though – he’s on the acquisition trail again and is keen to purchase likeminded brokers and hopes to announce further acquisitions before the end of 2022!
Neal continues: “By 2025 we would like to have 7 or 8 branches, all with the same ethos of being local experts, fully independent and community-based brokers. Our target brokers are £2-3m GWP whereby we can help grow these organically via marketing and with access to additional schemes.
We fully welcome owners staying on post-deal to help with integration and to also look after their own long-standing customers. This model has worked well for us historically as we’re not about consolidation, quite the opposite. We are community insurance brokers hoping to boost the local economy.”
This isn’t the only good news for the Nuneaton based broker however.
“At virtually the same time as the deal completing, I took a call from Action Coaches saying we had been nominated for “Most attractive business growth” which was pleasing to hear that independent growth experts working across multiple sectors are recognising what we are working hard to achieve.”
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