The executive directors of minibus insurance wholesaler MiniBusPlus (MBP) have bought out the company's owners Bayliss & Cooke.
Managing director Andrew Butterworth, operations director Rod Wheeldo ...
The executive directors of minibus insurance wholesaler MiniBusPlus (MBP) have bought out the company's owners Bayliss & Cooke.
Managing director Andrew Butterworth, operations director Rod Wheeldon and development director John Pickford are believed to have paid several million pounds for the business. They appointed Mike Bowen as finance director with immediate effect.
Lloyds TSB Development Capital and Barclays Bank provided the funding for the buy-out and Catalyst Corporate Finance advised the managers on the move.
MBP wholesales insurance, underwritten by Norwich Union (NU), to 5,000 intermediaries.
Butterworth said the management buy-out (MBO) would ensure the
company maintained its independent role in the insurance market.
"Our future growth plans include further development of our services to both our policyholders and agency base," he said.
He said MBP would work on bespoke solutions for other passenger carriers such as the commercial multi-person vehicles (MPV) and fleet market, as well as developing its minibus business.
It already covers 30,000 minibuses and offers fleet facilities through NU and Crowe Insurance Group.
