Administrators revealed at stricken insurance firm
Administrators from business advisory firm Crowe have been appointed to stricken Northants motorbike insurance firm MCE Insurance Limited.
As TheBusinessDesk.com exclusively revealed on Monday, MCE Insurance applied to enter administration through law firm Womble Bond Dickinson.
Now, Mark Holborow, Vincent Green and Steven Edwards of Crowe have been appointed as joint administrators of the Rushden business.
According to the Financial Conduct Authority (FCA), the MCE Insurance contact centre remains operational and will be overseen by the joint administrators. However, it is currently experiencing “technical difficulties”, says the FCA.
A statement by the FCA said: “Having considered the firm’s financial position, its directors made a decision to place it into administration.
“If you bought your insurance through MCE Insurance Limited, they acted as your insurance broker and you are insured by Sabre Insurance. Sabre Insurance are not affected by this administration and your policy is still in force.”
MCE’s accounts up to May 31 2022 are overdue, according to Companies House. Meanwhile, several directors of the firm have stepped down in previous months.
The company’s latest available accounts, made up to December 31 2020 show a company in rude health. Turnover for the year was £36.8m, with directors at the time saying they were confident they could grow this by “developing new opportunities in the insurance market”. Profits for the year almost doubled compared to 2019 – up to £7.3m.
Dividends of almost £10m were paid out to shareholders at the end of 2020. At the time the company employed around 220 staff.
