Senior staff exodus prompts GI buy-out rumours

Service provider Bankhall's general insurance division is facing a potential takeover bid from two former senior executives, according to sources.

Former joint chief executive Simon Taylor and former commercial development director Shaun Godfrey are understood to be planning to buy out the division.

Sources said they are looking for sufficient capital to put in an offer for the service.

Bankhall's head of general insurance Mike Williams is understood to be assisting by setting up a management buy-out.

Bankhall's other joint chief executive Paul Hogarth has also left the company.

A spokesman for Bankhall said it was "business as usual".

He added: "We have been going through a restructure. Shaun Godfrey and Simon Taylor have left on amicable terms to progress their careers.

"We have told them that if they come up with a viable proposition to buy out the UKGI service we will look at it."

In July Bankhall announced its expansion into the general insurance market with the launch of new service UKGI Premier.

Godfrey and Williams were expected to lead the push.

A source close to the company said: "There has been a lot of trouble at Bankhall with the restructure.

"Certain people weren't happy with the way things were going."

"There has been downsizing and more than £100m has been cut from the company's goodwill value."

Bankhall's parent company Skandia slashed £85m off the value of the company to £25m in August after Bankhall reported a $200m net loss in the second quarter.

Topics