Insurance firm unveils growth ambitions following successful MBO
Amicus Insurance Solutions Ltd (AISL) has unveiled its growth plans following the completion of a successful management buy-out (MBO) by its co-founder.
Adam Scott, who launched AISL alongside Richard Evans, has acquired the shares of Evans in an undisclosed transaction.
The MBO process was instigated following Evans’ stated intention to retire, although he will support the business when required until full retirement.
Following the successful completion of the buy-out, Scott unveiled ambitious growth plans for the business, which includes organic expansion through increasing Amicus’ workforce and also via strategic acquisitions.
Shawbrook Bank, the specialist bank which supports UK SMEs, financed the MBO through a commercial loan facility.
Adam Scott said: “Although sad to see Richard retire, this is also undoubtedly an exciting time for the future of the business as we prepare to begin a new chapter in the Amicus’ story. Personally, it’s been an absolute pleasure to work alongside Richard since we both launched the company some twelve years ago and he has certainly had a huge contribution towards shaping the Amicus business you see today.
“Following the successful completion of this MBO, moving forward we now turn our attentions to growth both organically and acquisitively. In the coming months, we have ambitions to grow the business to achieve between £6m and £7m commission income and that includes via acquisitions of complementary businesses that align with the Amicus business plan also. Plans are also in motion to increase our staff numbers at the same time to enhance certain aspects of our operations also.”
Based in Wallington, near Croydon, London, Amicus was incorporated in 2009 and is a general commercial broker with particular specialisms in manufacturing & wholesale, haulage, waste, food, warehousing & distribution, engineering and landlord & property. It is also the preferred supplier of insurance to the Scaffolding Association.
Adam added: “We required a line of funding that would enable us to successfully complete this MBO, which is a significant milestone in our journey. Shawbrook’s finance has enabled us to do that and will help us drive our business forwards with confidence. The solution that Shawbrook tailored for us, combined with their good-sense approach, was just what we needed, and the positive impact of this funding will carry us into the next chapter of the Amicus story.”
Steve Armstrong, Relationship Director for Shawbrook, said: “The existing shareholder, director and co-founder, Richard Evans, signalled his intention to retire and so this was a great opportunity to support Amicus and set in motion the first steps towards the business’ ambitious future under Adam. Amicus has an outstanding reputation in the industry having developed a USP of providing consistently excellent customer service. We are confident in Amicus’ future under Adam’s stewardship and look forward to seeing how the business develops in the coming months and years.”
AISL is a member of the Marsh Networks, from whom the referral to Shawbrook was made.