Drayton firm agrees rival buyout
17:00 21 March 2013
A Norfolk-based insurance company is on course to bolster its staff and strengthen its presence in the financial services sector after negotiating a buy-out of a rival business.
Drayton Insurance Services has completed the takeover of Poringland Insurance in a move that will increase its regional coverage to four offices and lead to the recruitment of two new staff.
And Richard Beevor, commercial development manager for Drayton Insurance, has not ruled out buying more businesses if new opportunities arise, as the firm looks to boost its turnover from £7.5m to £15m over the next five years.
The latest acquisition comes after the owner of Poringland Insurance Glen Taylor decided to sell the business because he was struggling with ill health – although he will remain as a business advisor to the company.
The merger will see four staff at Poringland Insurance keeping their jobs, and two extra positions added to the team.
Mr Beevor, who declined to reveal the cost of the buy-out, said the deal would not only benefit the company geographically, but will provide the firm with a new client base.
He said: “We were looking to open a new office in the Bungay area and when we found out that Mr Taylor was looking for someone to takeover the business it fitted in with us perfectly.
“It is also cost effective to take on an existing client bank.”
“We specialise in small-to-medium sized commercial firms and we do a lot of work with agricultural, home and motor insurance.
“On the commercial side we try and go and see all our clients to try and find out there insurance requirements.
“But there has always been a plan to operate in Norfolk and Suffolk because if you stretch yourselves too much then it becomes harder to do a good job.
“Our philosophy is to employ local staff into a local business because that way we know what is needed in the local area.”
He added: “We have an eye on taking on two new staff to work in the Poringland office.
“If another firm comes up tomorrow and it fits with what we want to do then we would look at acquiring.”
Drayton Insurance employs twenty staff out of its main hub near Norwich, and also owns Penfold Insurance Services in Aylsham, Mall-Wood Insurance Services in Ipswich, and has representatives in Diss, Sheringham and Bungay.