Worcester-based broker Bennetts has been acquired by its management team.

Specialist management buy-out firm Advantage Capital has backed the deal. Bennets chief executive Ian Darbyshire and finance director John Langley led the MBO.

Bennetts generates a gross premium income of £40m with 230 employees among 30 branches in the South East.

Advantage Capital's Martin Bodenham said: "We are delighted with Bennetts as our maiden deal. It symbolizes perfectly what our investment strategy is all about - difficult deals of real merit."

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