Partner Article

Darlington online insurers in management buy-out

A family-owned online insurance firm has changed hands following a management buy-out led by its managing director.

Darlington-based UKinsurancenet has been bought by its management team, led by managing director Steve Bradley and operations director Suzanne Eeles.

The firm specialise in online landlord and property insurance and employ 75 staff, generating a turnover of £10 million.

Steve said: “It’s a dream come true to have completed the management buy-out of a business that I have such a passion for and I look forward to working with the team to deliver continued growth and genuine innovation.

“The buy-out has enabled us to look at what we have already achieved and put plans into place to grow the business to the next level. Clive Owen provided excellent support for us, with the skills and approach that we were looking for.”

North East accountants Clive Owen Corporate Finance advised on the deal, which was funded by HSBC.

Angus Allan, corporate finance partner at accountants and business advisers Clive Owen & Co LLP, in Darlington, was the lead advisor, structuring the deal and raising the finance for the management team.

He said: “We’ve been working with the management team at UKinsurancenet for a period of time and wanted to ensure there was a smooth transaction of ownership alongside the right funding partners.

“I believe we’ve done that and I wish them well with their new business.”

Gary Copeland of BHP Law provided legal advice to the vendors, while Peter Wood at Pinsent Masons acted for the MBO team.

This was posted in Bdaily's Members' News section by Tom Keighley .