Moorhouse Group's corporate division has been bought out by its management for an undisclosed sum.
Simon Thomas and Jan Wilkins led the management buyout, along with two other shareholders and new directors Andy Fairclough and Graham Morgan.
The Welsh-based commercial broker will use the proceeds of the sale to concentrate on the development of its e-trading and business cover platforms.
Moorhouse Corporate will remain as an appointed representative for a period of not exceeding six months and will retain the trading title for the same period. All corporate team members will transfer with the business.
Lyndon Wood, chairman of Moorhouse Group, said: “While Moorhouse Corporate is an excellent business it was not a core element of our offering. By selling to the management I can be sure that our corporate clients will be well looked after while Moorhouse Group concentrates its resources on growth generated by our Xbroker e-trading and business cover platforms. I wish Simon, Jan and their team all the best.”
Simon Thomas, now managing director of Moorhouse Corporate, said: “We see great potential for Moorhouse Corporate as larger Welsh businesses are crying out for top level service when arranging their insurance cover. By offering a bespoke solution delivered by professionals, we expect to grow this business considerably over the coming years.”
