Former Erinaceous business reports £5.7m profit in first half
Barbon Insurance Group, the insurance busines acquired from Erinaceous, has reported £5.7m profit before exceptional items in the first half of 2008.
The exceptional items related to the transition of the business to an independent entity, owned by major UK clearing banks.
The group’s net assets at 30 June 2008 exceeded £34 million and it held cash in excess of £5 million with no bank debt.
Barbo said its shareholders had made substantial facilities available to fund investment for the future.
Leslie Goodman, executive chairman at Barbon Insurance Group said: “Barbon is currently operating on a very sound financial footing, and beginning to invest significantly in future growth. The businesses within the group have produced challenging expansion plans, we are trading strongly, and a strengthened senior management team under Martin Oliver is being put in place to move us forward into the next exciting phase.”
Barbon brands include HomeLet, Letsure, Keelan Westall, Cadogan Keelan Westall, Deacon, Cadogan Hanover Park (SaifInsure, TruckInsure, Plastech, Performance Media and CareAssured), BibaLet and Farr.
