Insurance broker changes hands in MBO
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Leicestershire-based insurance broker Blythin & Brown has been bought by Jonathan Blythin and Richard Picton, with financial support from Shawbrook Bank.
The business has been providing insurance solutions to its customers for over 50 years, specialising in general commercial insurance, with a track record in the construction, leisure and hospitality sectors.
The transaction provided an exit for the retiring shareholders and minority partners.
The buyers are long-term members of the senior management team.
Shawbrook Bank provided a commercial loan to part fund the acquisition.
Richard Picton, director at Blythin & Brown Insurance, said: “Jonathan and I are immensely proud to continue the Blythin & Brown legacy and are very much looking forward to maintaining the service levels that our clients have received over the years. The acquisition will enable us to regain our independence, continue our growth trajectory and solidify our position in the insurance broking market.
“Our staff are recognised and rewarded for all the hard work they do, and we are now looking to expand our team to invest in the future of the business.
“We wish to thank the outgoing shareholders for their commitment to the business over the years and also express our gratitude to our professional advisors for their help and support throughout the transaction.
“We would also like to thank Shawbrook, who demonstrated an excellent understanding of the insurance broking sector. This, combined with their efficient credit process and flexible terms, ensured that the transaction could be fulfilled smoothly. Shawbrook have been highly supportive of our plans, and we look forward to working with the Bank going forward.”
Steve Armstrong, director at Shawbrook Bank, said: “This really was a fantastic opportunity in which to support the existing Blythin & Brown directors in completing an MBO of a well-established insurance business.
“For us, this deal ensured management continuity as key people who were well versed in the day-to-day operations of the business have gained control as its owners step away into retirement.
“With the resurgence of the hospitality and leisure sectors, a specialist area of expertise for Blythin & Brown, we believe it will drive the company forward and ultimately, help it achieve its future goals.”
Elliott Watts, Sandip Odedra and Mukesh Bulsara of Integrity Group provided corporate finance and debt advisory services, introducing the transaction to Shawbrook. Legal advisors included HCR (Shawbrook), BHW, and Shakespeare Martineau (MBO team).