Miller Fisher's deal with Bank of Scotland (BOS) will give the insurance service provider working capital of £3.5m to invest in its future development and ensure half of its £24m debt is paid off.
Insurance Times, which predicted the deal before it was announced to the Stock Exchange this morning, has secured the first interview with Miller Fisher's new chief executive Malcolm Hughes.
Hughes, formerly Miller Fisher's international operations director, will replace Kevin Kenny, who has stepped down as chief executive and will retire as a director at the end of the month.
Tom Anderson, currently the group's chief operating office, has joined the board. Finance director Richard Horton was already on the board and will remain in his current position.
Hughes told Insurance Times that the deal with BOS was entirely positive for Miller Fisher.
"This puts an end to the uncertainty," he said.
"That's no longer a reason not to do business with us."
Miller Fisher's equity capital has gone from £24m to £38m after BOS injected £13.3m of new capital into the company.
This makes BOS a 49.9% shareholder in Miller Fisher.
The financial restructuring will allow Miller Fisher to eradicate a significant level of its debt and provide working capital to take advantage of the opportunities in the outsourcing market.
Hughes said BOS would be a passive shareholder, with the management of Miller Fisher Group remaining independent.
He said staff and clients had already said they were happy with the deal, which Miller Fisher had been working on for the past three months.
The company's Irish arm Miller Farrell will be unaffected by the deal, with Hughes dividing his time between the two countries.
Insurance Times will feature an extensive interview with Hughes in next week's issue.
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