Global Risk Partners (GRP) has today unveiled its acquisition of Prescott Jones Ltd (Prescott Jones), a Swansea, South Wales headquartered commercial broker.
Commenting on the deal, Stephen Ross, head of M&A at GRP, hailed it as a ‘great opportunity’ to build out GRP’s footprint in South Wales and the West. He added that GRP will look to leverage the acquired firm’s reputation in its broking community to identify further opportunities for M&A.
“This is an important acquisition for GRP,” he said. “Prescott Jones is a terrific business with a highly experienced, entrepreneurial management team, all of whom will be staying on and driving forward their ambitious growth plans.”
Founded in Swansea in 1991, Prescott Jones has since developed to become one of the largest independent brokers in Wales and the West. In addition to its Swansea HQ, the Prescott Jones team operates from offices in Bristol and Cardiff. The main areas of focus for the firm are business insurance, professions, property and construction and private clients.
The firm’s founders Ed Prescott and Gareth Jones, who both started their careers at Sun Alliance, are well-known figures in the regional broking community. Management and colleagues will remain with Prescott Jones post-deal.
Discussing the acquisition, MD Ed Prescott said the team is excited by the new opportunities being part of GRP will bring and he highlighted that GRP’s owner-driver philosophy and support for businesses looking for growth is highly compelling.
“We don’t feel that we will be subsumed into a big machine, rather given the resources and support to go out and do our own deals, as well as continuing to grow organically,” he said. “I want Prescott Jones to build the same level of success enjoyed by other ‘hub’ businesses in the GRP stable, such as County Group and Higos in our part of the world.
“It is a very exciting time for all our people here at the business, and I’m confident that GRP will prove to be excellent custodians for our brand, our people and our customers.”
