Peter Blanc has led a management buy-out of Chelmsford-based FMW Corporate Risks.

The new company will be known as FMW Risk Services.

Blanc, who will become managing director, said more than half of the “substantial seven-figure sum” needed to acquire the business from FMW Group came from him and six other managers and directors.

The rest was borrowed from Lloyd’s Bank.

The deal was completed at the same time as the sale of parent company FMW Group to Hercules Property Services.

Blanc said that the imminent sale of Farr had triggered the buy-out as the company was not going in the direction the management wanted to go.