Wednesday, May 22, 2024
HomeNEWSPRINCIPAL TO EXPAND NEW HQ

PRINCIPAL TO EXPAND NEW HQ

Principal Insurance is to more than double the size of its Manchester headquarters just eight months after the business relocated to the new offices.
 
The fast-growing specialist insurance group will occupy the second floor of Citygate in Sale, Manchester from May. The company took on the third floor of the newly refurbished building in September last year when it outgrew its former home at Dalton House, also in Sale.
 
Contractors are currently on site fitting out the additional 6555 sq.ft of office space which will house call centre, administration and back-office staff, as well as enhanced training facilities. It will also become home to Principal’s rapidly expanding Commercial insurance division.
 
The move comes after the company significantly exceeded its own growth forecasts resulting in swift expansion of staff numbers. When the business moved to Citygate it announced plans to create 40 new posts in Manchester within two years. It has already surpassed that target and now employs more than 70 staff at its headquarters and is set to recruit a further six next month.
 
“Trading has been impressively robust across the board with our recently established van and commercial lines performing particularly well,” commented MD Dave Bowcock. “Even we’ve been caught a little by surprise at the sheer pace of that growth.
 
“Still, there are worse problems to have than to require additional office space, especially when you have access to newly refurbished offices just a floor below.”
 
He added that he expected the business to maintain its momentum as new initiatives kick in. “We’re in the final stages of negotiation to take our van offer on to leading aggregator platforms and anticipate these will significant boost volumes. Greater marketing resource will also be focused on the Commercial division which is already going great guns.”
 
Rapid growth is also being experienced at its specialist motor broking operation in Lancaster and offices in Dublin. The latter arranges motorcycle, car and home insurance for clients in the Irish republic.
 
News of the HQ expansion plans follow the February release of the group’s 2015-16 financial results. These saw it booking retained profits of £318,480 (£54,643) with turnover increasing by over 140% to hit £3,772,253 (£1,567,440).
 
Gross written premium also more than doubled to breach the £10m barrier.

 

RELATED ARTICLES

Product News

Great start to the season for H&H Auctions

The National Motorcycle Museum’s auction partner, H&H Classics, had a strong first sale of the season at the end of March, with more than...