Clydesdale Bank is “keen” to work closely with brokers that have supportable growth plans
Seventeen Group is eyeing a number of acquisitions after securing a new funding package from Clydesdale Bank.
Seventeen chief executive Paul Turner its debt refinancing would allow the business to accelerate its growth plans.
Turner added: “Clydesdale Bank understands the needs of a rapidly growing business in our sector and came up with a well thought through financing proposal.
“Its flexibility and responsiveness have enabled us to rapidly agree on a facility that ticks all of our boxes, and we look forward to more of the same as its support will be key to achieving our goals in the next few years.”
Seventeen comprises commercial broker James Hallam, risk management firm 4sight and Touchstone Underwriting.
Specialisms include hospitality and leisure , tour operators and travel agents.
It is also gearing up to expand into real estate after Insurance Times revealed that James Hallam had taken three staff from broker CBC to set up a division focused solely on the property market.
Clydesdale Bank corporate banking director Paul Hambrook said the lender was keen to work closely with brokers that had supportable growth plans.
“The insurance broker market remains very robust with some notable transactions over the last few years,” he added.
“In the coming months we expect to conclude a number of new transactions – activity that we see continuing into 2015.
“Seventeen has demonstrated a real appetite to grow as the economy continues to improve. We’ve been very impressed with their future strategy and we look forward to working with Management as they look to deliver their plans.”