The UK's largest agricultural loss adjuster is bought by the management

Agrical, the UK’s largest agricultural loss adjuster, has undergone a management buy-out (MBO).

The company would not reveal the cost of the deal, but said the MBO, that took place on 19 March, was necessary to push the business to the next phase of development.

The deal will see current managing director Mike Collins assume the role of chief executive and director Nigel Collinson become the firm’s new managing director. Current chief executive Bob Morris will remain with Agrical as chairman.

Agrical was formed in January 2002 after the merger of Morris Associates and Phoenix Chartered Loss Adjusters and has grown over the past six years to become the leading loss adjuster for the farm and estates insurance sector in the UK.

Agrical has two main offices based in North Yorkshire and in Somerset.

Collins said: “Given the experience of the directors and the senior management team, this was the natural progressive step to push the business forward to its next phase of development and beyond.

“In the short term it’s definitely business as usual. We anticipate a new management board being put in place that will steer the company through the ambitious growth plans we have set ourselves as well as ensuring a seamless succession from the old the to new management.”