Essex broker in refinancing deal

Essex based commercial broker LFC Insurance Group has confirmed it recently refinanced with Macquarie Bank.

LFC said that the move is enabling the company to continue its acquisition drive.

Jerry Clayton, managing director of LFC Insurance Group, said: “Our existing High Street bank seemed to have their own problems and issues, as many of them have experienced over the last twelve months, and didn’t have the appetite to provide any more funding for our growth. So we approached Macquarie, based in the City, over 12 months ago and told them of our plans and hopes for the future.

"They were so very knowledgeable about our sector and really understood our desire for growth. From the initial indicative offer to the completion of the deal, the process was straightforward and smooth."

He added: "As a result of Macquarie’s support, we are now able to push forward with those deals we had postponed and we hope to announce our latest acquisition in April, with three further ones within the next three months. This will push us much closer to our £50m GWP target, which we hope to achieve by 2012.”