Barclays Private Equity backs A Plan MBO
by Gill Montia
Story link: Barclays Private Equity backs A Plan MBO
A Plan Insurance, the high street broker headquartered in Oxford, is undertaking a management buyout.
The move, which will see 32% of the firm’s equity pass to its management, is being backed by Barclays Private Equity, which will hold the remaining 68%, in a deal that involves over forty senior A plan staff.
Carl Shuker, the firm’s chief executive, sees the buyout as the logical next step in the development of the business, emphasising that it will maintain the broker’s independence in a market where consolidation is rife.
A Plan specialises in personal lines and operates through 54 branches across the South of England, employing around 500 staff.
Investment partner, Barclays Private Equity, has extensive experience in the insurance sector.
Its managing director, Owen Clarke, believes A Plan’s face-to-face business model has a lot to offer consumers who are weary of dealing with their insurance needs via call centres and the Internet.