Chairman Joe Kelliher loaned £700k to broker
Kerry London Ltd has received a capital injection of £1.1m from its parent, Kerry London Group, Insurance Times reports this week.
The broker’s 2009 results, filed with Companies House last week, also show that the company renegotiated its bank facilities and is exploring other ways to raise capital in case the broking market remains tough.
Kerry London Ltd transferred a £700,000 subordinated loan it received from its chairman, Joe Kelliher, in 2008 to parent entity Kerry London Group and in return received the £1.1m injection to strengthen its balance sheet.
Kerry London also this week refused to comment on speculation it is an acquisition target after market sources suggested a tie-up with Giles could be on the table.