MBO at Brett & Randall
Who?
The management team, led by existing shareholder Ashwin Mistry, at Leicester-based insurance broker Brett & Randall.
Did what?
Has bought the shareholding of business founder Stuart Randall, who will be pursuing other business interests.
What does this mean?
The financial services arm of Brett & Randall was also sold to its management. It will continue to trade alongside the insurance business at the firm’s city centre offices in East Bond Street. New shareholders raised some of the finance for the deal with the majority provided by The Royal Bank of Scotland.
Who advised?
RBS was advised by solicitors HBJ Gateley Wareing and accountants Mazars. Brett & Randall and its management team were advised by Jitendra Patel of solicitors Brethertons and Cooper Parry, whose Leicester office handled both deal structuring and tax advice. Solicitors Spearing Waite acted for Stuart Randall and the Brett & Randall financial services management team, Ralph Mitchell and Angela Knight.
Insider comment:
Brett & Randall is part of The Brokerbility Group, which places premiums of £425m into the UK insurance market.
Ashwin Mistry said: “The deal was concluded quickly and with little fuss. It is a tremendous opportunity for some of the younger members of the team to fulfil their career ambitions to be shareholders and shape the business going forward.”
