NU supports Group Direct’s reverse takeover of Brightside
by Gill Montia
Group Direct, the brokerage founded in 2002 by entrepreneurs Arron Banks and John Gannon, has acquired mortgage broker and debt management company, Brightside Group.
The purchase has taken the form of a reverse take over and includes the acquisition of Injury QED, which provides medical reports and other data for personal injury claims.
The move involves a strategic investment of £5.7 million from Norwich Union, and £4.9 million from Stena Investments of Sweden.
Group Direct has its roots in commercial vehicle insurance but has expanded rapidly with revenues increasing to around £23.3 million.
The business now covers a range of sectors including van, fleet, motor trade, taxi, minibus, business car, commercial combined, property and personal lines insurance.
Panacea Finance, Gibraltar-based Southern Rock Insurance and NewLaw, which specialises in business-to-business legal advice, all operate from within the group.
The takeover will allow the Group Direct to further develop its broking and finance business.