owner BGL has called off its planned stock market listing after attracting substantial private equity investment

A Canadian investment group is buying a 30% stake in BGL Group, owner of, for £675m.

As a result of the investment BGL will not be seeking a listing on the London Stock Exchange through an initial public offering (IPO).

Current owner BHL will retail a majority stake in the business, which also owns broking brands Budget and Junction

Canada Pension Plan Investment Board (CPPIB)’s purchase is subject to normal closing conditions and regulatoryapprovals.

For the year to June, BGL reported 14% underlying revenue growth to £585m, and 19% growth in underlying profit before tax to £126m. Total customers increased to over 8.5 million. For the year to date, it said, it has has seen growth at a similar rate in this financial year.

BGL chairman Peter Winslow said that during preparations for BGL’s IPO, BHL received “a number of approaches from different kinds of investors”.

“A competitive process followed and our view was that CPPIB was the best partner for BGL,” he said.

“This investment reflects confidence in our continued success.”

CPPIB managing director and head of private equity, Ryan Selwood, said that, “Through this investment in BGL Group, CPPIB will participate in the continued growth of a leading financial technology business serving the UK consumer insurance distribution market, which provides greater transparency and choice to consumers.”

Matthew Donaldson, chief executive of BGL Group, said: “This investment is a clear vote of confidence in our performance and potential.”