Blythin & Brown Insurance Brokers in Leicestershire has been snapped up by directors and longstanding senior management team members Jonathan Blythin and Richard Picton.
Facilitated with the support of a Shawbrook Bank commercial loan, terms of which were not disclosed, the transaction provided an exit for the broker’s retiring shareholders and minority partners. At the same time, according to the announcement release, the deal ensures that crucial personnel remain in place.
“Jonathan and I are immensely proud to continue the Blythin & Brown legacy and are very much looking forward to maintaining the service levels that our clients have received over the years,” stated Picton, whose business specialises in general commercial insurance.
“The acquisition will enable us to regain our independence, continue our growth trajectory, and solidify our position in the insurance broking market. Our staff are recognised and rewarded for all the hard work they do, and we are now looking to expand our team to invest in the future of the business.”
Trading since 1970, the brokerage has an extensive track record in the areas of construction and leisure and hospitality.
Picton added: “We wish to thank the outgoing shareholders for their commitment to the business over the years and also express our gratitude to our professional advisors for their help and support throughout the transaction.
“We would also like to thank Shawbrook, who demonstrated an excellent understanding of the insurance broking sector. This, combined with their efficient credit process and flexible terms, ensured that the transaction could be fulfilled smoothly. Shawbrook have been highly supportive of our plans, and we look forward to working with the bank going forward.”
For Shawbrook Bank director Steve Armstrong, the management buyout was a “fantastic opportunity” to support the acquiring duo.
He commented: “This deal ensured management continuity as key people who were well versed in the day-to-day operations of the business have gained control as its owners step away into retirement. With the resurgence of the hospitality and leisure sectors, a specialist area of expertise for Blythin & Brown, we believe it will drive the company forward and, ultimately, help it achieve its future goals.”
