THB Clowes bought by Karen Ellis in MBO

THB Group has reached an agreement to sell THB Clowes to Lloyd's broker Ellis Clowes & Company, headed by Karen Ellis.

Ellis was formerly managing director of THB Clowes before launching Ellis Clowes earlier this year in a mangement buy-out.

THB Group chief executive Frank Murphy said: "Karen has a long-held ambition to start her own brokerage and after amicable discussions we concluded that it would be beneficial to the future growth of both businesses, to agree to part.

"I would like to thank Karen and her team for their contribution to THB and wish them the very best with their new venture."

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