The Clear Group has announced its acquisition of the book and assets of Rycroft Associates LLP, which includes Inspire Credit Management Limited. The transaction, financial terms of which were not disclosed, enhances Clear’s commercial offerings amid insolvencies in the UK reaching a 30-year high.
Rycroft, located in Lichfield, assists businesses across the UK and Europe in securing competitive trade credit insurance products. Citing Association of British Insurers (ABI) data, Clear highlighted the importance of cover against bad debts and invoice credit risks.
“The number of insurance payouts to help businesses survive bad debts rose by 23% in the first half of 2023, a five-year high according to figures from ABI,” Clear noted.
The Rycroft team consists of seven trade credit experts led by director Steve Parsons. They will collaborate closely with Clear’s retail operations in the UK, Ireland, and Europe. The partnership aims to enhance credit solutions for Clear’s commercial clients and drive growth in the sector. Rycroft currently manages £6.6 million in gross written premium.
Clear chief executive Mike Edgeley (pictured) commented: “We’re delighted to welcome the Rycroft team to Clear. Steve and his team bring a wealth of experience and knowledge of the credit insurance market, which adds tremendous strength to a specialist vertical as we continue to build and enhance our offering to our commercial customer base.
“Our deal with Rycroft exemplifies our continued strategy to support and invest in like-minded brokers with real sector expertise.”
Steve Parsons, director at Rycroft, echoed this sentiment, saying: “We are delighted to be joining the Clear Group and look forward to playing our part in its exciting growth journey.
“It was important that we chose a business which understood the strength of our offering, one which is committed to investing in adjacent capabilities and placing value to the customer at the very heart of its proposition. Clear was the outstanding choice in this regard.”
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