Colosso pockets £1m in Heath deal

Heath Lambert chief executive Adrian Colosso scooped £964,608 from the London market broker’s £97m sale to Gallagher, regulatory filings reveal.

Chairman Keith Hamill pocketed £482,304m from the deal.

The Appleby Trust – the staff employee benefits fund – received £8.2m for its shareholding.

The biggest winner from the preference shares was Precis (2517) Limited – which was made up of the Government Pension Protection Fund and RBS – scooping £19.5m. A further £3.2m was handed over to Precis from the B shares.

Gallagher bought an indemnity policy from Chartis UK that protects it from Heath reneging on the tax and general warranties laid out in the agreement. A deductible of £800,000 was placed in escrow in case the policy was triggered.

The details were revealed in a Securities & Exchange Commission filing.