Private equity invests £28m in fast-growing motor broker

Private equity firm LDC has invested £28m for a minority shareholding of Right Choice Insurance Brokers (RCIB).

Launched in 2008 by CEO Mike Joseph, RCIB has grown year on year since. It recorded a turnover of £26m in its latest financial year and employs more than 350 people.

It offers a range of motor broker products across bike, home, taxi, motor trade. It also does shop insurance. 

Now, with LDC’s money, the broker hopes to invest in further developing its own software and technology to boost growth. 

Two of LDC’s senior staff, Yann Souillard and Steve Aston will join RCIB’s board and non-executive directors alongside non-executive chairman Ian Owen.

Mike Joseph, chief executive of RCIB said: “We have grown organically from day one, and over the last 10 years have achieved significant scale as a result of our unique business model and technology platform.

“We’re now at the stage where investment is paramount to enable us to push on to the next phase of our growth plans.

”Having held a longstanding relationship with LDC, partnering with them was a natural fit and we are excited to move forward with our shared ambition.”

Souillard, head of LDC in London and the South, said: “Mike is a great example of the type of ambitious entrepreneur with a proven track-record for growth that we love to back.

”Having developed Right Choice from just a concept, Mike and his team have created a major disruptor in the insurance space and we look forward to working together to execute a growth plan, which will strengthen the business’ position as a market leader in its field.”