B.P. Marsh & Partners fund SRT with up to £2.5m, subscribe to 25.5% share

B.P. Marsh & Partners, a specialist private equity investor, has acquired a 30% cumulative preferred ordinary shareholding in SRT & Partners Limited, a start-up UK Retail and London Market broker.

B.P. Marsh has provided £2.5 million in funding through a combination of equity and loan, which has been fully drawn down on competition, according to the announcement.

With this backing, the SRT Management team aims to establish a premier, client-focused Lloyd’s and London Market brokerage, headquartered in London. The broker plans to focus on delivering sustained growth through a combined strategy of building a London Market broker age, the organic expansion of its already established UK-wide client base by offering the diversified products available within B.P. Marsh.

B.P Marsh investment will also help SRT with the future targeted acquisitions of independently owned and known to the SRT Management team UK retail brokers. SRT has already utilised the funds to complete its first two acquisitions.

These acquisitions include 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.

Tom Shipston, Co-Founder and Chief Executive Officer (CEO) of SRT, 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 Chief Commercial Officer (CCO) has also held senior leadership roles within the financial services industry. He was the Managing Director and Co-Founder of First Business Protection Limited, a brand and trading style which SRT will use.

Dan Topping, Chief Investment Officer of B.P. Marsh has been appointed to the Board of SRT. He commented: “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 broker age and expanding their UK retail operation.”

The Co-Founders of SRT, added: “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.”

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