MBO team to grow P&C division with up to six new brokers

Glenrand is hunting broking teams, after sealing a management buy-out from its South African parent.

Andrew Wallas and Mark Pattle, chairman and group chief executive of the London broker respectively, are raising £4.1m in debt to finance the MBO, which will buy 45% of the business.

They have five years under the terms of the deal, but plan to repay it in three.

Wallas said he wanted to grow his P&C team to take advantage of current hard market rates and repay cash.

"And we want to do the same in our professional risks division," he said.

Recruiting five or six new brokers to the P&C division would mean a growth of about 25%.

Pattle said he had a team in mind to boost the professional risks division.

They would be brought in over the next two or three months.

P&C recruitment could take place in the next six months.

Glenrand's independence will be effective from 31 March and will be marked by a minor name change.

The MBO will create a group worth about £10.2m which comprises broker Glenrand and an associated business, Glencairn Investments .

Glenrand makes about 40% of its revenue from North America and 30% from London.