Newmarket-based independent broker completes MBO after shareholders depart

Insurance broker and underwriting agency Yutree Insurance has completed a management buyout (MBO).

The MBO sees the business continue under the leadership of managing director Laura Hancock and chief executive Kevin Hancock.

Laura Hancock said the move came due to the business having “reached a crossroads”, following the departure of two founding shareholders.

“We faced a clear choice – sell the company, or take full control of its future. Kevin Hancock and I knew that this wasn’t the time to walk away.

“Yutree has great momentum, an exceptional team and a strong reputation in the market. We’re proud to have chosen the challenging, but far more rewarding path – investing in our independence and building something for the long-term.”

Expansion

With the MBO having completed, the broker is planning to expand with a new office in Norwich.

It has also realigned the responsibilities for finance director Becky Glover, who is now Yutree’s director of finance and technology.

Yutree said the move demonstrated its “focus on operational efficiency, modernisation and growth through technology”.

“We’re exploring new systems and smarter ways of working so our team can spend more time doing what they do best – advising, supporting and building relationships,” Laura Hancock added.

“Our brokers will find it easier than ever to trade with Yutree. We’re also inviting new conversations around affinity partnerships, schemes and insurer collaborations. The door is open.”

Kevin Hancock concluded: “We are proud to be part of a growing movement of brokers choosing independence, service and long-term value over short-term exits.

“This is a hugely exciting time for our team, our brokers and our partners. We’re ready to grow – and are excited to do it the Yutree way.”