Total Broker Solutions' sale imminent following speculation over refinancing worries
Total Broker Solutions (TBS), the venture of former Biba chief executive Mike Williams, is set to be sold within the next two weeks, industry sources have said.
The potential buyer is thought to be Bankhall Investment Associates, a network operator specialising in solutions for independent financial advisers, said high-level sources.
Williams, who is chief executive of TBS, said he would not comment on the rumours of an imminent sale.
A Bankhall spokesman also declined to comment.
In September 2004, Insurance Times reported that TBS and Bankhall had held exploratory meetings for a possible takeover, a story that chairman and major shareholder Bob Beckett denied.
In the same month, Bankhall group sales director Shaun Godfrey confirmed that the company was seeking to establish a general insurance service, offering compliance support and business development services to brokers.
At the time, Godfrey said more than 250 general insurance brokers had signed up for Bankhall's services.
TBS comprises an offering to larger brokers, and a proposition for smaller brokers, Community Broker Solutions (CBS). Williams described the offerings as a "consultancy, facilitation, enabling service," rather than a network.
The company has been quiet over the past six months, prompting speculation about its future.
In July 2004 it was rumoured that the company needed refinancing to continue operations beyond September.
At the time Williams confirmed that both TBS and CBS had 30 broker members each, but would not reveal their names. The level of current membership is not known.