Principal Insurance Limited completes buyout of Peart Performance Marque Limited following administration

Manchester-based specialist insurance broker Principal Insurance Limited has acquired the business of Peart Performance Marque Limited, which ceased trading having entered administration on 30 October 2025.

Peart, the Lancaster based high risk vehicle and home insurance broker which has been operating since 1984, appointed joint administrators Dean Watson and Paul Stanley, partners at Begbies Traynor in Manchester, to manage the controlled wind down of its affairs.

The pre-packaged sale, which was completed on 31 October 2025, was led by Carl Lever, director at Begbies Traynor Group, and means 2,400 policies and their customers previously under Peart remain unaffected. Principal continue supporting existing policies, including any queries, changes, cancellations or renewal arrangements.

Established in 2011, Principal is an independent, FCA regulated insurance broker sourcing specialist insurance for businesses and individuals, including for motorhomes, classic cars, motorbikes, high performance and sports cars, specialist vehicle and convicted driver policies.

Dean Watson, Partner at Begbies Traynor, said:

“We have been appointed as Administrators of Peart Performance Marque Limited. In September 2025, Peart was notified that its main insurer would be withdrawing support. Further, there was a threat of a winding up petition which led the directors to approach us to advise on options.

“Pre-packaged sales of regulated firms can be complex, especially in this niche area of the insurance market. Drawing on our experience and expertise in the sector, we have been able to quickly navigate the process, finding a suitable buyer and ensuring that over 2,000 insurance policies can continue without interruption.

“Whilst we were able to find a well-placed buyer within a small market, unfortunately, it was not possible to protect the jobs of those at Peart. We are now taking steps to recover Peart’s remaining assets to maximise the outcome for creditors and helping the affected employees in making claims.

“This appointment demonstrates the challenges and headwinds being faced by business leaders in all sectors across the region and also that results are better for all stakeholders if appropriate professional advice is obtained at an early stage and followed.”

Dave Bowcock, Managing Director at Principal Insurance Limited, said:

“Following discussions with the Administrators at Begbies Traynor, we took action to protect the interests of the policyholders impacted by Peart’s administration. This pre-packaged deal meant we could quickly ensure continuity of cover and bring these customers the support of a specialist broker experienced in these specialist insurance markets.”