Former chief executive will retain stakes in sister companies and continue to offer guidance to team
Stuart Randall is stepping down as chief executive of Brokerbility and Brett & Randall following a management buy-out (MBO).
The MBO will pave the way for Randall to concentrate on a clutch of insurance ventures that are rumbling in the pipeline.
Randall sold his stake to existing shareholders and to the management in both broking group Brokerbility and Leicester-based brokers Brett & Randall.
The deal also hives off the Brett & Randall financial services from the rest of the group, with the current directors taking control by snapping up the shareholding.
The Royal Bank of Scotland played a key part in providing finance for the share transfers.
Randall had previously turned down bids from acquisition-hungry brokers so that he could pass over the reins to current management.
He commented that “succession does not happen overnight” and said he would offer guidance to the company over the next four to five years. “These are exciting changes that will ensure a bright future for our clients and everyone who works here,” he said. “Our experience with Brokerbility shows us that we have the ability to turn big ideas into reality.”
“Letting go of day-to-day management will allow me to develop new projects, and I am already working on new ventures that will take Brokerbility to the next level,” Randall added.
The new structure of the group will see former director Ashwin Mistry head up both Brokerbility and Brett & Randall.
Randall will retain stakes in the financial services arm, Brokerbility II – which is for smaller brokers – and Brokerbility Information Gateway Ltd, the IT business.
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