A family-owned business providing online insurance has new owners following a management buyout.
UKinsurancenet, based in Darlington, specialises in online landlord and property insurance and has recently completed the MBO after being advised by Clive Owen Corporate Finance.
The company, which employs 75 staff in the North East, has been operating for more than ten years and has a turnover of £10m.
The management team, led by managing director Steve Bradley and operations director Suzanne Eeles, completed the buyout after securing funding from their current bankers, HSBC. The team has also been joined by Paul Meehan who takes up the role of chairman and will assist in the new growth strategies.
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.
Gary Copeland of BHP Law provided legal advice to the vendors, while Peter Wood at Pinsent Masons acted for the MBO team.