Hood Group predicts ‘rapid growth’ following Clydesdale refinancing

Affinity insurance broker Hood Group says it is set for a period of “rapid growth” after completing refinancing with Clydesdale bank.

The company said that the refinancing will allow it to continue with its growth plans, which could include acquisitions.

Hood Group picked Clydesdale following a process managed by WK Corporate Finance.

Hood Group chief executive Simon Hood said: “This new financial structure will provide Hood Group with the foundation from which to grow.

We have set out a clear business development strategy for the next few years, and Clydesdale Bank will be an important partner for us.

“They understand the needs of a rapidly growing business in our sector and presented a well thought through financing proposal. Their flexibility and responsiveness have enabled us to agree on a solution that ticks all of our boxes.”

Head of insurance at Clydesdale and Yorkshire Banks Paul Hambrook said: “Across the UK, Clydesdale and Yorkshire Banks have provided debt facilities to a number of insurance brokers in recent years and when we met with Hood’s Management team, it was clear that the group had a similar impressive growth strategy.

“We look forward to working with Simon and his team as they look to deliver on their plans.”