Insurance law firm Keoghs has confirmed that once it
receives its alternative business structure (ABS) licence it will take external
investment from a private equity investor.
This will come as no surprise to many, as the firm stated as far back as
February 2012 that it was in exclusive talks with Bowmark Capital regarding
investment. However, what may come as
more of a surprise is that, according to the Manchester Evening News, it is not
Bowmark but LDC, part of the Lloyds Banking Group which will be partnering with
Keoghs if SRA give their consent to the deal.
According to the paper, LDC trumped Bowmark’s offer late in the day.
Keoghs are for the moment remaining silent on the
identity of the investor, although they have confirmed that they have reached
agreement with a party, subject to SRA approval.
Keoghs is a defendant insurance claims
specialist with 1,000 employees across offices in Bolton and Coventry.
Established in 1968, the firm represents insurers and councils and reported fee
income of £55m in 2011.
The external funding that they are seeking will
be targeted at accelerating the development of complementary services and further
investment in people, processes and infrastructure.
No comments:
Post a Comment