Wednesday, April 28, 2021

Popular Transport Insurance Group Acquired by Independent Chartered Broker

Staff and Culture Remain in Situ
Shipping News Feature

UK – One of the transport industry's best known, and well-loved names, Peter Lole Insurance Brokers, has been acquired by independent insurance firm, Macbeth, the second purchase made by the Thames Valley chartered broker in the past 18 months.

Early last year we wrote of the sad death of Peter Lole himself and outlined a little of his illustrious, and amazing career, giving an object lesson in how to prosper in business. Supporters of his company will be pleased to know the acquisition does not mean all change as Tracey Meaney, who has a comprehensive knowledge of the business, will remain a director.

The deal will see Macbeth take its GWP income from £17 million to £23 million and sees the Reading-based team grow to 45 staff following 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 Ben Butler as MD and Paul Macbeth as CEO, who commented:

“We’re thrilled to welcome Tracey and the team to the Macbeth family. 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."

Reading law firm Field Seymour Parkes advised Macbeth on the acquisition, with accountancy and advisory firm White Hart Associates, also acting for the business. Tracey Meaney, Director at Peter Lole observed:

“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.”

Macbeth is one of the fastest growing insurance and financial businesses in the Thames Valley with a keen focus on client interests. An award winning Chartered company which is actively committed to supporting local business partners, charities and the local community, including Pride of Reading, Rabble Theatre, Reading homeless charity, Launchpad, RAMS Rugby, Reading Rotary Club, Bradfield Tennis Youth Academy, Reading Rascals Junior Triathlon Club, Barnes Fitness running events and Sonning CofE Primary School football club.

Photo: Paul Macbeth.