Groupama pulls Carole Nash sale
CAROLE Nash the Altrincham-based specialist motorcyle insurance broker has been taken off the market by its French parent Groupama.
It put its UK business on the market in a bid to cut debt after being hit by the eurozone crisis.
Three weeks ago it completed the sale of its UK insurance arm to Ageas, but has decided to retain its broking business, which also includes Cheshire-based Bollington.
Carole Nash, was sold by its founder for more than £70m in 2006. It employs 300 people, with the majority, 275, based at Broadheath near Altrincham. The remainder are in Ireland. In the year to the end of December 31 profits rose 1.2% to £5.9m as turnover grew 5% to £25m.
Carole Nash’s chief executive David Newman said: “We feel this decision reflects the value Carole Nash offers to its shareholder. In recent years we have grown and sustained profitability in what have been exceptionally tough market conditions.
“This year, despite the considerable distractions created by the possibility of sale, we have again moved the business forward, beating both volume and financial targets. That is to the great credit of an exceptional management team and the dedication to both business and customer of our 300 employees.”
He added: “It is totally understandable and indeed welcome that Groupama has taken the decision to retain what is a terrifically stable and successful brokerage. We look forward now to building further success, not just through our core motorcycle business but initiatives such as our new Cherished Cars division.”
