Wednesday 19 September 2012

LDC pip Bowmark to the post on Keoghs?


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.

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