GRP buys Birmingham broker

The business is based in Birmingham and also has locations in London and Newcastle-under-Lyme.

Newstead, which was founded 33 years ago, is a commercial lines broker writing corporate, SME and private clients insurance.

GRP announced the managing director, Paul O’Donnell and fellow directors, Julian Simon and Sarah Giles, will remain with the business. All staff are set to stay with the business and the company will retain its brand name.

Heritage
Stephen Ross, GRP’s head of M&A, said: “Newstead is a flag in the ground in Birmingham from which we are keen to build. Paul, Sarah and Julian have a strong entrepreneurial heritage and are hungry to grow organically and by acquisition.”

O’Donnell added: “GRP is a fantastic business for us to be part of and the opportunity to draw from their financial muscle, technology and range of services is great news for us and good for our clients too.”

“In the current hardening market and with the wider uncertainty from the pandemic, there is value to be had from being part of a bigger organisation with the great reputation for looking after its brokers that GRP enjoys.”  

The move is the latest deal for GRO which has made a series of acquisitions since searchlight Capital Partners invested in the business in June 2020.

Deals
It follows GRP’s buy of digital broker Insync which went through in December 2020.

As part of GRP’s continuing M&A drive it has moved into the Irish market with its buy of Crotty in September. In addition it also stepped into the healthcare space in June with its acquisition of Premier Choice Healthcare.

Mike Bruce, GRP CEO, added: “I warmly welcome Newstead to GRP and look forward to them making a significant impact to our footprint in Birmingham.”

The acquisition has received regulatory approval.

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