Insurance Brokers for sale in Oxfordshire

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Service Businesses - Insurance Brokers

Oxfordshire, England

  • Leasehold Price: £75,000
  • Annual Net Profit: £141,591
Seller Reference: 7346
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Business Description
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Seller Reference: 7346
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Business Description
Unique opportunity to own a business which operates as an Appointed Representative for Clegg Gifford who have acquired status as a Lloyd's Broker.

Westminster Insurance has been established for 70 years, with a wealth of experience, knowledge and range of product offerings. Clegg Gifford who have been established since 1968 and later acquired status as a Lloyd’s Broker. They then purchased Westminster Insurance in 2014 which included the network of appointed representatives – which is what we are.

As opposed to independent insurance brokers all the regulatory aspects are dealt with by the broker Clegg Gifford, leaving the appointed representative to focus on building their company and portfolio of clients. In previous years Westminster Oxford has obtained gross annual earnings that were much higher, there is huge scope for growth with massive returns if the hard work is put into it. Westminster Insurance itself, has been established for 70 years, therefore with a wealth of knowledge, experience and support behind them.

We offer a range of insurance products across commercial, including industries such as, Taxi, Garages, Fleets, Shop's, Houses, Hairdressers, Pub's, Restaurant's, Hotel's, Spa's. Along with products including, Public Liability, Public Indemnity, Stock & Contents and more. The majority of our clients at present are Taxi's therefore creating scope to target commercial businesses across the UK. This is where networking is key, introducing yourself to people and obtaining higher exposure of the brand name.

This opportunity would be well suited to someone who is already within the insurance industry who wants to take on a challenge or run their own business with no restriction on earnings. I myself had not owned a business previously. I would suggest that the only skills required to manage this business successfully would be; good math skills, excellent written English and grammar, strong interpersonal skills, communication skills and a professional confident telephone manner. If you have the eagerness to learn what it takes to run this business you will go far. And with a strong brand name and reputation there are solid foundations already in place.

Clegg Gifford are also looking to provide more training to the AR's (us) to support the growth of each agency. With also implementing new systems exclusive to Clegg Gifford themselves. speeding up efficiency with quotes and renewals, freeing up more time to focus on building the customer base further leading to overall growth. This is something that I will continue to do up until the business has exchanged hands.

Operating hours:
9:00am - 5:00pm Mon to Thurs
9:00am - 4:30pm Fri
Working hours can be changed to fit the owner

In terms of what an average day would look like working within this business, the duties include:
- Renewal Invites
- Processing Renewals
- New Business Quotes
- Mid Term changes
- Ensuring Outstanding Documents are Obtained
- Handling all Phone Calls

There is incredible room for growth in this already thriving business, particularly with developing the commercial side of the business where returns are higher and more rewarding. Currently, we do not actively market the business as we have had plenty of custom from word of mouth alone. If marketing was carried out you could easily double the workload quickly by investing in paid SEO services, optimising the website and updating our social media pages with more constant and relevant content to grow those audiences. You could also make efforts to reach out or visit local businesses to speak with potential new clients and increase the client base that way.

There are 2 members of staff currently who would be able to help train the buyer or run the business on behalf of the buyer in order to help continue bringing in the fantastic profits this business achieves (Over £100k per annum) and expand it to the level I know it can reach with time and the vision to scale. There is a business partner who owns the other 50% share however, is more of a silent partner. The office location and equipment is already setup so there would be no disruption from the sale in regards to the running of the business. The investment is the only element required as the staff are fully trained and competent to be managing the day to day operations.

Please get in touch to discuss this rare opportunity further.

The business is located in Reading, Berkshire.
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