Derby’s leading insurance broking and risk management company Franklands, has acquired Shevill Parkes, Derby’s oldest established insurance broker.
Franklands – one of the top 20 brokers in the Midlands by turnover – was advised on the deal by David Kaplan, Head of Corporate at East Midlands’ solicitors Flint Bishop.
The acquisition, for an undisclosed sum, will result in some new jobs, with Franklands planning to grow the business and take on more staff.
Shevill Parkes, which will retain its name, is located close to Franklands on Wyvern Business Park in Derby. It has been trading in the city since 1966 and can trace its roots in Derby back to the 1920s
Franklands’ managing director, Paul Brown said: “Shevill Parkes is a well known, well respected name in Derby and is a good fit with our business.
The combined business now employs over 30 staff – more than half of whom hold an insurance qualification from the Chartered Insurance Institute.
Paul added: “Insurance tends to be bought and sold on price alone when in reality it is a complex and technical transaction requiring qualified and experienced advisers. The new company will be well placed to be the provider of choice for the insurance and risk management needs of the businesses of Derby and across the region.
Franklands’ directors come from both national and provincial broker backgrounds, which said Paul, enable the company to offer the knowledge of a national broker combined with the levels of personal service associated with provincial brokers.
Franklands is also a co-founder of Brokerbility, now one of the largest national broking forces in the UK. The group places premiums in excess of £300 million and employs more than 400 staff providing access to the widest range of insurers. This enables Franklands to negotiate the best possible deals for their clients.
Derek Parrett, managing director of Shevill Parkes, said:
“Provincial brokers are facing a challenging time due to lower margins, greater regulation and reduced service levels and this has led to much consolidation within the insurance industry.
“Like all provincial brokers, we were left facing a choice of being acquired by a relatively impersonal venture capital-backed consolidator or joining a progressive local company run by individuals we have known and trusted for many years.
“By joining with Franklands we will be able to maintain our local identity and service levels that our staff and clients value while harnessing the buying power of a national group to obtain the best deals and superior service.”
David Kaplan said he was delighted to advise on one of the largest deals in Derby’s insurance market in the past 30 years
He added: “This acquisition benefits both firms and will enable Franklands to build on its reputation and grow the business going forward.”