Liverpool insurance broker sees revenues rise 30%
Liverpool insurance broker Butterworth Spengler is reporting a big rise in revenues and profits as it gets set to celebrate its 100th anniversary. Tony McDonough reports
Insurance broker Butterworth Spengler is reporting a 30% rise in annual revenues to more than £4.2m with pre-tax profit also up 43% to more than £1m.
Based in Wavertree in Liverpool, Butterworth Spengler is getting ready to celebrate its 100th anniversary in 2024. In the last few days the business, which employs more than 30 people, has also unveiled a new rebrand.
In March 2021, the company underwent a management buyout backed by Leeds-based national operator JM Glendinning.
That deal saw Butterworth Spengler’s existing management team, led by managing director John Lacey, take joint ownership of the business along with JM Glendinning. The value of the deal was not disclosed.
JM Glendinning itself underwent a management buyout in November 2020, backed by private equity investor Synova Capital.
In September 2021, Butterworth Spengler made its first acquisition since the MBO, buying Gloucester-based Brunsdon Insurance for an undisclosed sum.
In November 2022 Butterworth Spengler paid £7.6m for fellow group companies Butterworth Spengler South West, Butterworth Spengler (Cyclesure) and Butterworth Spengler Professional Risks.
With a history dating back to 1924, Butterworth Spengler operates across three divisions – commercial insurance, professional risks, and specialist schemes. It will continue to trade under its existing name.
Managing director John Lacey said the deal to join the JMG Group had “fuelled the directors’ ambitious growth plans for the business. He added: “Joining JMG has helped us up our game. We knew we wanted to grow, and this has turbo-charged it.”
Director Richie Bell said the timing of the rebrand, featuring a “fresh and modern” new logo, coincided with an “exciting period for the business”.
A strapline: Part of JMG group (which is a ‘Top 30 UK Insurance Broker’ with £230m plus in gross written premium placed into the insurance market annually) has been added to the company’s logo.
And the addition of the shield is a nod to Brunsdon Insurance’s logo, incorporating some of this business’s brand identity into the new design.
Butterworth Spengler’s directors say that alongside their commitment to furthering company growth, they are also keen to make a valuable contribution to the local community.
The firm has a longstanding reputation for supporting local charities, such as Nugent (a registered charity which supports vulnerable children, young people and adults through their schools, care homes, and community and social work services).
In order to empower their team to make a difference, they’re giving every member of staff one day a month to spend doing something for charity.
Butterworth Spengler’s latest financial results for the year to March 31, 2023, were posted on Companies House last week.
They also reveal that no dividends were paid during the year. The directors’ remuneration, including salaries and pension contributions, totalled £587,501. The highest paid director received £144,525.