Chief executive rules out A Plan founders
Specialist motor broker The A&A Group is close to selling a 30% stake in the business.
The Middlesex-based broker, known as Allen & Allen, is set to receive a significant investment which is likely to be completed within the next month.
But chief executive Tony Allen ruled out speculation that A Plan founders Tom Duggan and David Saville were central to the deal.
The pair have been investing privately in insurance since selling A Plan in a £150m private-equity backed management buyout more than a year ago. Their investments have included Lloyd’s broker THB and the MBO of Hastings and Advantage.
Allen refused to be drawn on the idenity of the investors.
In January, he told Insurance Times that the broker was keen to sell a stake to private equity backers to expand the business.
The group, which is currently owned solely by its board of directors, has an annual turnover of more than £80m.