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Business Growth: Our business is really on the move!

Business Growth: Our business is really on the move!

Posted on Aug 30, 2016

Estimated business growth: Principal Insurance are quite literally a business on the move! Next month will see us relocating our headquarters to accommodate forecast business growth which is set to see us doubling our staff. Having already secured record-breaking sales in 2016 we have plans to create 30 new jobs at our Manchester base within the next two years. We’re moving to the newly refurbished Citygate development (pictured above) just down the road from our existing HQ in Sale. The new building, just off junction 7 of the M60 motorway, will offer us three times as much office space giving us plenty of room for business growth. . Our relocation has been prompted by the rapid growth the business has already enjoyed which has seen us double staff numbers in the past 18 months. It also comes after we relocated our specialist car insurance business from Kendal to Lancaster, again with an eye on business growth-led job creation. This part of the business has seen a 30 percent increase in policy sales since we acquired it last October and the plan is to bolster the existing team with additional staff, again within the next two years. Dublin, where we opened for business in April 2015, is also going great guns with news jobs pencilled in to handle expansion of our motorcycle, car and home insurance business in Eire. Back in Manchester, Citygate will house our group administration staff and management, UK bike insurance team, van insurance specialists and commercial broking business. All this activity follows our publishing in February accounts for our last financial year (ended October 31 2015) which showed we had secured growth of over 50 percent in gross written premium – the value of the policies we sold – which had risen from £3.3m to £5m. We’re expecting that figure to hit £10m this year.  Turnover had also grown by 120 percent to hit £1.5m. Principal Insurance rapid growthLancashire Business View 240516MEN 010816Our fast-growing business is making the news!       That growth has been mainly organic but also bolstered by the acquisition of the specialist motor insurance broking business and the purchase of the BikeTeam, Complete Bike Cover and Simply Bikes motorcycle insurance books. All in in all this means we now serve over 25,000 motorcycle, van and specialist car owners as well as commercial clients.
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