REG - B.P. Marsh &Partners - New Investment – SRT & Partners Limited

B.P. Marsh & PartnersAnnouncement

30/10/2024 07:00

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RNS Number : 1296K  B.P. Marsh & Partners PLC  30 October 2024

30 October 2024

 

 

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

 

New Investment - SRT & Partners Limited

 

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor
in early-stage financial services businesses, is pleased to announce that it
has acquired a 30% Cumulative Preferred Ordinary shareholding in SRT &
Partners Limited ("SRT"), a start up UK Retail and London Market broker.

 

B.P. Marsh has provided £2.5m of funding via a mixture of equity and loan,
which has been fully drawn down on completion.

 

With the backing of B.P. Marsh, the SRT Management team is committed to
establishing a premier, client-focused Lloyd's and London Market brokerage,
headquartered in London, furnishing its clients and exclusive partners with
access to the specialist Broking and Underwriting services they require.

 

SRT's plan focuses on delivering sustained growth through a combined strategy
of building a London Market brokerage, the organic expansion of its already
established UK wide client base by offering the diversified products available
within the Group and the future targeted acquisitions of UK retail brokers,
who are independently owned and known to the SRT Management team.

 

The Group's funds have been utilised by SRT to complete on its first two
acquisitions, being Read Hunt Limited, an independent retail insurance broker,
and First Business Finance Limited an independent asset finance broker. Both
businesses specialise in service provision for commercial clients in the
construction, manufacturing and transport industries.

 

SRT's Co-Founders, Tom Shipston and Tom Castle have significant experience
within insurance broking and asset finance businesses.

 

Tom Shipston, Co-Founder and CEO, has held several senior positions within the
London Market. Most recently, he served as Head of the Property & Casualty
Division at Citynet, the UK Lloyd's Broking arm of PIB Group.

 

Tom Castle, Co-Founder and CCO, has also held senior leadership roles within
the financial services industry, including his role as Managing Director and
Co-Founder of First Business Protection Limited, a brand and trading style
which SRT will continue to use.

 

Dan Topping, Chief Investment Officer of the Company, who has been appointed
to the Board of SRT, stated:-

 

"We are pleased with this investment in SRT, founded by a skilled and
experienced Management team.

 

B.P. Marsh look forward to working with the co-founders Tom Shipston and Tom
Castle to deliver on their business plan, both in building a London market
brokerage and expanding their UK retail operation."

 

The Co-Founders of SRT, Tom Shipston and Tom Castle, commented:-

 

"We are delighted to be entering into partnership with B.P. Marsh, an
organisation with a proven track record in the UK retail and wholesale space.

 

Our goal is to build SRT into a market-leading, broking provider in the UK, by
becoming a valued and key strategic partner for our clients. Our vision,
launching with the clear potential of the consolidated proposition of Read
Hunt and First Business Finance, will provide a platform for growth with its
unique offering to existing commercial clients and new partners alike.

 

We look forward to working with B.P. Marsh over the years to come to achieve
this vision."

 

 

For further
information:

 For further information, please visit www.bpmarsh.co.uk
 (http://www.bpmarsh.co.uk) or contact:

 B.P. Marsh & Partners Plc                            +44 (0)20 7233 3112

 Brian Marsh OBE / Alice Foulk

 Nominated Adviser & Joint Corporate Broker:          +44 (0)20 7886 2500

 Panmure Liberum Limited

 Atholl Tweedie / Amrit Mahbubani / Ailsa MacMaster

 Joint Corporate Broker:                              +44 (0)20 7496 3000

 Singer Capital Markets Advisory LLP

 Charles Leigh Pemberton / James Moat / Asha Chotai

 Financial PR & Investor Relations:                   bpmarsh@tavistock.co.uk (mailto:bpmarsh@tavistock.co.uk)

 Tavistock                                            +44 (0)20 7920 3150

 Simon Hudson / Katie Hopkins

 

Notes to Editors:

 

B.P. Marsh's current portfolio contains seventeen companies. More detailed
descriptions of the portfolio can be found at www.bpmarsh.co.uk
(http://www.bpmarsh.co.uk/) .

 

Since formation over 30 years ago, the Company has assembled a management team
with considerable experience both in the financial services sector and in
managing private equity investments. Many of the directors have worked with
each other in previous roles, and all have worked with each other for over ten
years.

 

- Ends -

 

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