Former Brightside chief Arron Banks sells remaining stake to insurer

Martyn Holman

Motor insurer Markerstudy has bought 42.6 million shares in Brightside, representing 9.3% of the broking group’s total issued shares.

The investment follows Brightside setting up a Markerstudy-backed underwriting facility for its e-car online motor offering in October 2012.

Brightside chief executive Martyn Holman (pictured) said: “This investment strengthens the strong relationship between our companies and represents further industry support and recognition of our business model.”

Markerstudy acquired 27.5 million shares of its new holding from Brightside co-founder and former chief executive Arron Banks. Banks no longer has a notifiable interest in Brightside shares.

Markerstudy acquired the remaining 15.1 million shares yesterday from Brightside commercial director and co-founder John Gannon.  

Separately, Gannon sold a further 20 million Brightside shares to institutional investors for 22.4p a share. Following the transactions, Gannon now holds 2 million shares: 0.44% of the total.

In a further move, Brightside finance director Paul Chase-Gardener has been paid 6.9 million Brightside shares in return for his shareholding in Rock Holdings. The transfer price was 22p a share.

Chase-Gardener now owns 40.6 million Brightside shares, representing  8.9% of the company’s total issued shares.

Chase-Gardener has resigned from all directorships of Rock Holdings group companies and is no longer interested in the share capital of any Rock Holdings group companies.