The management of Lloyd's broker Glenrand has bought the company for £4.1m from its South African parent Glenrand MIB.
An announcement was made today on the Johannesburg Securities Exchange (JSE) that Glenrand MIB's wholly-owned subsidiary Glensure has disposed its stake in UK subsidiary Glenrand for £4.1m.
Leading the buy-out are chairman, Andrew Wallas and ehief executive, Mark Pattle, supported by other leading management executives of Glenrand Limited.
Under the deal Glensure will dispose its interest in Glenrand MIB, which holds 100% of the equity capital of Glenrand Ltd. This will value the group at approximately £10.2m.
Andrew Wallas, Chairman of Glenrand Limited, said: "Glenrand Limited has seen substantial growth over the last three years, developing into a very successful London Market broker.
"This agreement represents an extremely significant stage in our development and will allow us the flexibility and independence to expand further at a time when we are seeing excellent opportunities across all areas of our business."
Glenrand MIB said it needed to break constraints imposed on South African organisations looking to export capital overseas.
The deal is expected to be completed by 31 March 2003.
