Insurance broker bought out of administration

Wed, 08 Apr 2020 | BUSINESS SALE

Flintshire-based insurance broker Staveley Head has been acquired as a going concern in a deal secured by administrators Duff & Phelps. Staveley Head appointed Steven Muncaster and Sarah Bell of Duff & Phelps as joint administrators in February 2020, after losing a contract with its main insurer.

Since then, the administrators have continued trading the company on a reduced basis while exploring a sale of the business. They have now been successful, selling the business and certain of its assets as a going concern to One Sure Insurance Ltd.

The deal secures the jobs of the company’s 22 remaining employees and has enabled over 12,000 policies to continue to be administered. In a statement, the joint administrators said they were pleased to have secured a deal, especially given the current climate.

The administrators continued that the deal demonstrated “the Purchaser’s confidence in moving the business forward and returning it to success”. One Sure Insurance is based in Stoke-on-Trent.

Staveley Head struggled with capacity following the collapse of its previous provider Qudos Insurance. It originally replaced capacity with Gefion, before the contract was lost. Gefion and Qudos sought to sue Staveley Head for £9 million in 2019.

The company encountered controversy after entering administration, with the news that it had paid a £2 million dividend to holding company Gelert Group shortly beforehand and had reportedly paid £600,000 to its directors.

In its last set of accounts, to the year ending Marh 31 2019, Staveley Head had fixed assets of £161,320, current assets of £4.9 million and net assets of close to £2.5 million.

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