UK car insurance group Admiral will focus on the growth of its core business following an £80m refinancing deal.

Admiral chief executive Henry Engelhardt said the insurer had "new things planned" for Admiral's growth, but would not comment further.

He said Admiral has grown by 50% in the last three years and needed continued investment to maintain its rate of growth.

The refinancing deal was secured three years after a management buy-out (MBO) and is jointly underwritten by Bank of Scotland Corporate Banking and Lloyds TSB Corporate Acquisition.

It will allow Admiral to grow and to pay its post-MBO debt.

The financing package will also help Admiral to invest in its online services. which include elephant.co.uk. Engelhardt said the site was a "real success story".

He said: "I don't think anyone expected onlinebuying to become as popular as it has."

Barclays Private Equity supported the original £110m MBO. As part of the refinancing package, Barclays Private Equity, which is the majority shareholder, has seen the full repayment of its investment in the company.