Blythin & Brown Insurance Brokers in Leicestershire has been snapped up by administrators and longstanding senior administration team members Jonathan Blythin and Richard Picton.
Stimulated with the assistance of a Shawbrook Bank commercial loan, terms of which were not revealed, the transaction delivered an exit for the broker’s resigning from shareholders and minority partners. At the same time, according to the statement released, the deal assures that important personnel remain in place.
“Jonathan and I are extremely proud to continue the Blythin & Brown legacy and are very much looking forward to strengthening the service categories that our clients have received over the years,” stated Picton, whose business specialises in general commercial insurance.
“The acquisition will encourage us to save our independence, continue our development trajectory, and establish our position in the insurance broking market. Our staff are recognised and awarded for all the hard work they do, and we are now looking to improve our team to finance in the future of the business.”
Trading since 1970, the brokerage has a substantial track certificate in the areas of construction and recreation and hospitality.
Picton added: “We wish to thank the friendly shareholders for their responsibility to the business over the years and also convey our appreciation to our professional advisors for their help and support throughout the agreement.
“We would also like to thank Shawbrook, who indicated an excellent knowledge of the insurance broking sector. This, combined with their profitable credit process and adjustable terms, guarantees that the transaction could be fulfilled smoothly. Shawbrook has been highly conformational of our plans, and we look ahead to working with the bank going forward.”
For Shawbrook Bank director Steve Armstrong, the supervision buyout was a “fantastic opportunity” to support the acquiring duo.
He commented: “This deal ensured management continuity as main people who were well versed in the day-to-day strategies of the business have progressed control as its owners step away into retirement. With the reanimation of the hospitality and entertainment sectors, a specialist area of aptitude for Blythin & Brown, we think it will drive the company forward and, eventually, help it achieve its future goals.”