Consolidators fear more similar situatons happening as restrictive convenants end

Former Powell Insurance Brokers managing director Eliot Powell has left Oval, less than two years after he sold his business to the consolidator. Managing director Jeff Herdman confirmed: “Eliot Powell has left Oval. He is passing on the business to the existing management.”

Oval acquired Powell Insurance Brokers in 2008. The business had a turnover of £3.4m and gross written premium of around £16m.

An industry source said: “All the consolidators are concerned about restrictive covenants coming to an end and people who had sold out now leaving.” The news comes just months after Oval sold back two of its broker businesses to vendors.