Brokerbility invests in Northampton firm
Leicester-based Brokerbility has bought a £2m controlling interest in commercial broker O'Connor & Co as part of an ongoing acquisition drive. Brokerbility, a group of independent insurance brokers, has acquired a majority shareholding in the Northampton firm.
Ashwin Mistry, Brett and Randall director and chairman of Brokerbility Group, said: “This acquisition strengthens both the group and O'Connor and Co. Its reputation in Northampton gives us a strong presence in the East Midlands, and as part of the Brokerbility Group, they add to our combined buying power, which benefits all clients of group companies nationwide.”
Brokerbility, which has a combined buying power of £400m, was established by Leicester broker Brett & Randall,
O'Connor and Co was formed in 1964 and caters for clients ranging from large corporations with significant insurance expenditure to sole traders. The business will continue to trade as O'Connor and Co and will retain all its 42 staff.
The deal was financed by The Royal Bank of Scotland.
Nic Hanlon, from RBS’ structured debt Solutions team, said: "Brett & Randall is a business that has consistently performed well and the increased investment in O'Connor & Co is a reflection of its progress. The deal will strengthen their market position and provide new opportunities to grow the businesses."
Brokerbility was advised by solicitors Spearing Waite.
