Insurer part of acquisition by Brightside Group.
Brightside Group has announced the acquisition of Group Direct and its associated companies, and Injury QED.
Brightside’s purchase of Group Direct includes a strategic investment from Norwich Union of £5.7m, and £4.9m from Stena Investments, one of Sweden’s largest companies.
Paul Chase-Gardner, current chairman of Group Direct becomes the new Group chief executive of Brightside. Dr Chris Fay, former chairman and chief executive of Shell UK, and is currently non-executive chairman of Expro International and Stena International, has been appointed as the new non-executive chairman.
Group Direct was founded by Arron Banks and John Gannon in 2001 as a specialist broker for van insurance. It has since grown considerably, with revenues of £23.3m and EBITDA of £7.5m.
Banks said: “The new investment from Norwich Union and Stena gives the Group the resources to significantly develop the broking and finance business, and it represents a vote of confidence in the future. We are delighted to have them both as shareholders.
"The appointment of Chris Fay as chairman of the Group and Paul Chase-Gardener as new Group chief executive sends a positive message to the market that we are serious in making Group Direct a leading player.
Group Direct covers a range of products including; van, fleet, motor trade, taxi, minibus, business car, commercial combined, property and personal lines.
Banks added: "On a personal level, I can’t wait to see the next chapter unfold in Group Direct history. We have come a long way since John and I founded the business sharing a desk and telephone, and no employees, seven years ago.”
No comments yet