Ernst & Young has completed the sale of the business and assets of Ward Evans Corporate to a Giles Insurance Brokers vehicle Current Trends, as predicted by Insurance Times.
Headquartered in Leeds, Ward Evans Group plc comprises three subsidiaries - Ward Evans Corporate; Ward Evans Financial Services; and One Direct Solutions. It employs around 130 people.
Ward Evans Financial Services and One Direct Solutions are not part of the administration and are continuing to operate under the control of the directors.
The business has been sold for an undisclosed sum to Current Trends. This company has been formed jointly by a management team led by sales director Mike Mortimer, and Giles Insurance Brokers Limited. The deal agreed by the administrators has resulted in the transfer of all 60 staff to the purchaser.
E&Y administrator Hunter Kelly commented: "Ward Evans has rapidly built up its presence in the UK from its Leeds base but was hard hit by a downturn in business, coupled with a level of overhead expenditure which was unsustainable."
