Xenia is aiming to become the world’s leading trade credit distributor
Nexus Group has unified its trade credit broking acquisitions into one trading name and brand - Xenia.
The move combines Credit Risk Solutions, bought in 2017, with Credit and Business Finance, bought in April last year. They will be integrated into Xenia Broking Group, the independent broking arm of French-backed underwriter Nexus, which has its UK headquarters in Hertfordshire.
Xenia Broking was set up in March 2019.
”The unified teams will magnify their impact on the specialist trade credit and surety market delivering both greater scope and focus to their clients, and Xenia’s streamlined operations will further enhance customer experience through scale, reach and efficiency”, Nexus said in a statement.
Xenia Broking claims to have a 20% share of the trade credit distribution market in the UK already, and the aim is to make it the world’s leading trade credit and surety broker, Nexus said.
”The business will develop its specialist focus by maintaining its consistently strong organic growth (approximately 15% per annum) and by acquisition, with targeted combined growth of over 30% per annum.”
Xenia chief executive Tim Coles said: “Xenia’s formation is an exciting evolution for the credit insurance and surety markets.
”The businesses that together constitute the new Xenia possess exceptional talent and deep expertise that, together with our unmitigated focus on client service, enable us to raise the bar on delivery of exceptional solutions for our clients, no matter how complex the challenge.
”We are the true focused specialists in our sector and the unified business will be able to provide exceptional opportunities for our clients and to those that share our values and want to be part of our journey.
”We believe that our distinctive new brand and compelling proposition will stand out in the marketplace. They capture who we are as a business - focused, modern and dynamic with an entrepreneurial culture.
”We have a hugely exciting future with much to achieve!”
The trade credit market has been in the spotlight this year with the backdrop of the economic crisis facing small businesses struggling from the Covid-19 lockdown measures.
In June, the government unveiled the Trade Credit Reinsurance scheme, which will provide government guarantees of up to £10bn to help maintain trade credit insurance in the wake of the Covid-19 pandemic.