Profit for Prime Professions as it settles £10.2m loan

Prime Professions is expected to report a profit after tax of £157,868 for the year ending 31 March 2009, after making a loss of £354,821 for the same period last year. Turnover was boosted from £5.5m in 2008 to just over £8m.

Draft accounting documents show that the professional indemnity specialist has also settled its £10.2m loan with backer Primary Group.

“Management exchanged some of their shareholding. As a result, Primary Group obtained 51% of shares in exchange for the elimination of the debt,” said Prime Professions’ associate director, Chris Olds. The firm’s management now holds 49% of the business.

Prime Professions’ chief executive, Tony Blyfield, said the business would now apply for FSA authorisation to become an independent Lloyd’s broker. Currently it operates as an appointed representative of Primary Group Intermediary Services (PGIS).

“We are over the start-up phase and planning for the future,” Blyfield said. Prime Professions would submit its application in the coming weeks and expected regulatory approval by the end of the year.

The group is also relocating 24 staff from its international, construction and SME teams to new premises in Camomile Street, previously occupied by Willis. The solicitors, claims, finance and broking teams will remain in the company’s Lime Street offices.