A BLACK Country insurance firm which specialises in property cover has been bought out by a corporate chain based in Australia in an undisclosed deal.
Sydney-based CHU has acquired Wolverhampton firm Residentsline which specialises in insurance for blocks of flats and apartments.
The deal sees CHU takes its first step into the UK, joining its other operations in five Australian cities, America and the United Arab Emirates.
Residentsline was founded in 1996 by Neil Abel and Belinda Thorpe, both of whom will remain with the business, Ms Thorpe as commercial director.
Its clients include management companies of blocks of flats, property management agents, right to manage companies and freehold owners.
It will also retain its name and there will be no redundancies among the 16-strong staff.
Dudley-based law firm Hawkins Hatton and Wolverhampton accountants Garratts advised Residentsline.
Ms Thorpe said: “With additional investment, we will be introducing new products and services to the UK market place as well as opening a new office in London.”
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