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Previously part of the Sutton Group of companies, Sutton Barnard was formed in 1994 and commands premium income of approximately £5 million. The firm, which has 31 staff currently reporting into its Godalming office, has specialisms in the motor trade, hotel, pub and bed & breakfast and printing industries.
The company was established and managed by Peter and Allison Barnard who are retiring as Directors but will continue to operate as consultants under the firm’s new management structure.
Chris Giles, Chief Executive of Giles Insurance Brokers said: “We are keen to accelerate our acquisition drive in line with the strategy we outlined following the major investment made in the company by our private equity partners.
“We believe there are excellent opportunities for growth in the south of England. The acquisition of Sutton Barnard further strengthens our presence in the area and offers obvious synergies with our existing motor trade business in Luton.”
Private equity firm Charterhouse Capital Partners and Bank of Scotland Corporate have recently provided Giles with £500 million of investment funding in order to accelerate Giles’ consolidation of smaller commercial brokers across the UK.
News of the Sutton Barnard deal follows the announcement last month that Giles has acquired commercial lines specialist broker Robinson Leslie, Birmingham-based Midland Risk Management and Welsh brokers DS Howell.
Giles is one of the UK’s fastest growing commercial insurance brokers and Charterhouse’s backing will allow the company to escalate its acquisition strategy and build a business with £1 billion of Gross Written Premium.
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