HISTORIC insurance broker Packetts has entered a new era following a management buy-out and has ambitious growth plans.

The Saltaire-based business, which was founded in Bradford 94 years ago by Sidney Packett after he returned from serving in the First World War, has become one of the UK’s largest independent family-run brokers.

Under its new management team, led by managing director Marshall Sugden, Packetts has a target of increasing premium income from the current £13 million to £20 million.

Mr Sugden, managing director, led the management buy-out from Sidney Packett’s grandsons Charles and Andrew, who both remain directors. The new top management team also includes former KPMG man and company secretary Rob Marshall and former associate directors Wayne Cowley and Wendy Butterfield who have been promoted to board directors.

Marshall Sudgen worked for national broker Bluefin Insurance for 23 years, including as managing director, and initially approached Packetts with a view to acquiring the business.

“I came to buy them and they ended up buying me. Charles and Andrew wanted to remain fiercely independent and that remains the case,” he said.

The business, which has added 70 new clients and grown premium income by £1 million in the past 12 months, has rebranded from Sydney Packett & Sons Ltd to Packetts and launched a new website as part of its drive forward.

But an ethos of providing personalised bespoke services for its 900 commercial, charitable and professional sector clients remains central to its operations.

Packetts specialises in commercial clients, the not-for-profit sector, training organisations and specialist Insolvency services. It’s training arm, Trainsure, is marking its 50th anniversary this year.

Charity clients include national bodies such as Guide Dogs For The Blind and St John Ambulance. Packetts also provides cover for all the medical Royal colleges, bar two, including in Scotland.

Its commercial clients are spread across the UK and Marshall Sugden said a key part of its future development would be a focus on winning clients among small and medium owner-managed businesses within a 25 mile radius of Bradford.

“The plan is to maintain what we’ve got and grow it. In the past 12 months we’ve completed the MBO and grown income by more than 12 per cent and we’re very proud of that.

“While we’ve been going for so long, there are people who are not aware of Packetts we aim to change that by building up the number of more local clients.

“The way we operate is not just about selling insurance cover but adding value based on service and understanding our clients’ businesses and operations and building trust. We have a client retention rate of 98 per cent which is about as high as you can get.

“Insurance is about trust and reputation; You have to guard that. Heritage is important in current business climate. Our business provides bespoke advice and insurance packages; we talk to business about issues such as staffing, banking and planning, all of which have insurance connotations. We provide a strong claims service that helps keep businesses and organisations running,” said Mr Sugden.

He expects Packetts’ current workforce of 32 to expand significantly as the business continues to grow. The firm recently recruited an apprentice and a new claims handler.

Packetts has seen higher demand from several property owning clients whose own businesses are seeing a boost in demand due to the Westfield development in Bradford city centre.

“We’re seeing definite spin-off from that and confident that we will be asked to quote for a client with significant property interests in Little Germany and and Sunbridge Road area, who is seeing increased demand as Bradford’s regeneration moves forward,” said Mr Sugden.