County Business Talks with Noel Preston

We meet Noel Preston, Managing Partner of Preston Insurance Brokers, an independent insurance broker based in Brighton.

The business helps all types of firms and individuals, not just in Sussex but across the UK. When it comes to business, they deal with everything from start-ups to multi-nationals. 

Noel is also an awesome drummer in rock covers band Planet Trousza.

But, when it comes to business,  he is the man you can guarantee will do everything with the upmost integrity.

Where did your business journey start?

It was very customer service based from the start. My first-ever job was working in a fruit and veg shop, so that was at the coalface I suppose. From there, I went into retail and then worked for NatWest for a few years. I ended up at General Accident purely because my girlfriend at the time suggested that Friday nights were good fun and that I’d get into the football team – so that was my route into insurance. 

It turned out to be okay. Two years later, I ended up going to work for a brokers, then another independent brokers and then an opportunity came about and that was nearly nine years ago. This is when I set up Preston Insurance Brokers. 

I was with an independent brokers for seventeen-and-a-half years and I really enjoyed it there. I had a really good career there; looked after loads of different areas of the business, whether it be corporate, SME, commercial schemes, high net worth, sports schemes…always relatively successfully. I think (starting my own business)  it was a case of not wanting to do the same job for the rest of my career.

You have been working in insurance for over 30 years, what was the catalyst in December 2012 to make you decide to set up on your own?

I was on the golf course with what is now my business partner and he just said ‘How are things going?’ I just said ‘Okay’. I wasn’t unhappy but wanted to do something else. He said: ‘Have you ever fancied doing it on your own?’ And that was kind of the start of it really. He helped me set it up. Four months later, we started the business. 

Inherently, there was always that desire. My grandfather used to run his own business. I used to look at him and think he works long hours but he’s got a good life out of it, and he’s always provided excellently for his wife and family.

I think also, we all think we can do it better – don’t we? I am a great believer that you can learn from anybody. So, when the opportunity came, especially in my home town, I thought ‘Why not – let’s give it a go.’

What has been the biggest challenge you have faced in the past 9 years?

There have been a few. Starting up is a challenge in its own right. You get all these things thrown at you – stats, like how many new businesses fail in the first three years. So, that was ‘Phew!’ after the first few years. Not that we didn’t have confidence in ourselves but, at the same time, those stats can be a little bit on your shoulder.

You’ve then got the challenge of employing the right people. We haven’t had anyone leave, touch wood, since we started and we are now up to eight. The plan was to grow sustainably every year and to add another person. 

Covid, obviously, was a big challenge. We decided not to furlough anybody and it was a seven-day week for a long time. We had members of staff working from home and we got through it. Because of the way in which we approached it, and how we got back to clients quickly – even if it was with bad news but offering help and support where we could – it just meant we’ve had loads of referrals and introductions and recommendations since, which has been fantastic.

Then you have personal challenges and they can be a bit telling as well. Nobody is ever expecting things like this but my son, Archie, was diagnosed with a form of bone cancer a month or two before his 14th birthday. It was a bolt out of the blue. We were only a relatively small team then. There was only three of us with one just about to join. It was a case of ‘What are we going to do?’ but, first and foremost, family comes first – especially in that kind of scenario. We just sat down as a team and I said I was going to be away quite a bit but I will always tell you when I am going to be away and we are just going to need to muck in as much as we can. We’d obviously had targets we had set for the year and some of that goes out of the window.

It was personally and emotionally challenging and, yes, I didn’t spend as much time in the business as I would normally. But, we came out of that year and we still grew by a small percentage. To still grow in those circumstances is a real testament to the people who were there helping me. That was the staff and clients, who were hugely understanding. Whilst we came out of it with a few scars, Archie’s still with us and the business is still going.  

What are the culture and values at Preston Insurance?

Honesty, integrity and empathy. 

We’ve always been flexible. I’m open to change. If you’ve got happy staff then they are going to do a good job for you.

We have one day a week when we are all in the office but, if you want to come in more, come in. We want to make sure people don’t disconnect. I want the team to have flexibility but I also want them to respect each other. 

We will employ, first and foremost, on personality and who that individual is. If you get someone with the right attitude and aptitude and humanity, you can train the insurance stuff. They have all had some insurance experience, even if it is just a year. We put them through exams and we’ve only got one that is now working towards their qualification. Everyone else is qualified, so it’s all about supporting them throughout. 

When you are in a service industry, you are a person dealing with another person so those human relationship and personality skills are massively important when you are giving good news, bad news, indifferent news or just passing the time of day. Our team cares passionately about representing the business and themselves in the right way. 

Tell us about your greatest achievement in business, and can you define what success looks like to you?

I am not sure there has been a greatest achievement. Just starting the business, getting it off the ground and surviving that first year.

Awards – they have given us some credibility and we picked up the insurance for the i360. To be picked from three brokers, when the other two are a lot larger and have been around longer than us, was a massive boost from a credibility point of view. It was something that put us on the map a little bit.

The last six months have been the best we’ve ever had, off the back of arguably the month challenging 12-18 months. 

At the beginning, there were no delusions of grandeur. To get to 10 to 12 people and be profitable is still the plan, while retaining what is now a renowned and revered service.

How do you achieve a work-life balance?

Sometimes I get it really right and sometimes I get it really wrong. One thing about having a business is that it gives you flexibility and that’s why I am quite conscious from a staff point of view; that they have a bit of flexibility too. 

I try not to do client work on a Friday. So I keep Friday clear for working on the business from a strategy point of view – so working on it rather than in it, or maybe doing some corporate entertaining or just having a day off and going for lunch with my wife (that’s the bit I haven’t got quite right yet!). 

I don’t find it easy to switch off. Running is a great get-away for me and I do some personal training sessions. 

Obviously, the drumming is the biggest escape for me. There is nothing other than the music you are thinking about. It’s a real buzz.

What does the future hold for Noel and Preston Insurance?

I know we are nearly nine years in but we’ve still got a lot to achieve. I also want the future to bring something to the staff as well as the business; opportunity, stable employment, a rewarding place to work. Do I sell? That is certainly not on the cards. I would really like Preston Insurance Brokers to go on beyond me. 

What advice would you give to a young entrepreneur or someone wanting to start their own business?

Do it! There were three things that came into my head when I started: Is it something you really want to do – if it is, you will succeed; is it something you enjoy doing – if it is, you will succeed; and can you surround yourself with people really positive, supportive helpful people – if you can, you will succeed!

Can you state three traits you think a person needs to be a good businessperson/entrepreneur?

Be prepared to work hard but smart, be sincere and just be yourself.

There is no dressing it up, (being a good businessperson) is hard work. 

Listen to the podcast interview: https://youtu.be/YXmP7YOmZ7Y

Website: https://www.prestoninsurancebrokers.co.uk/

Twitter: @prestoninsbrkrs