Giles Insurance has announced plans for a £50m management buy-out.
In an interview with The Scotsman, chief executive Chris Giles said he is in talks with venture capitalists about an MBO in October or November, in order to fund further expansion.
The report said Giles will reduce his stake from 70% to 35%, with an additional 30% to be distributed to senior management (including Giles).
Around 30% will be sold to a private equity group for around £50m, and the Giles family will reduce its stake from 30% to 5%.
The report said the MBO was a prelude to a stockmarket listing planned for 2008.
Giles said the company was on track to record premium income of £90m for the year ended August 2004.
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