Besso Secures Significant Funding to Drive Growth
Besso Limited, the independent top 20 Lloyd’s broker, is pleased to announce that it has secured funding from Clydesdale Bank to support the Company’s continued growth strategy.
The funding will assist Besso in continuing its growth trajectory and building out its recent expansion into new regions. A proportion of the funding will also repay certain longstanding shareholder loans which were provided in 2011 by Management and shareholders to buy out certain shareholders, in particular Wells Fargo.
Besso Limited has grown substantially from revenue of £22m in 2011 to a current forecast performance for 2015 of £37m of revenue and over £6m of underlying EBITDA.
Robert Dowman, Joint Chief Executive of Besso Limited, said:
“We worked closely with our shareholders in considering our options for enhancing our capital structure. Our decision was to repay the shareholder loan to B.P. Marsh; this funding support from Clydesdale Bank enables us to do this as well as facilitating significant further growth and we look forward to the future with enthusiasm.”
Russ Nichols, Joint Chief Executive of Besso Limited, said:
“Since 2011 we have steadily grown revenues and profitability in a very tough market while reducing the overall indebtedness of the company from £9m to £6m. This success reflects the commitment and expertise of the Besso team along with the entrepreneurial ethos within the firm which has allowed us to deliver this growth and attract talent from within our market. Significant credit should be given to Sam Hovey, Besso Chief Financial Officer, and her team for their hard work and commitment in securing this funding.”
Colin Bird, Chairman of Besso Insurance Group Limited, said:
“I’m particularly proud of where the Group is and what it has achieved in a tough market. We’ve maintained our entrepreneurial spirit and a commitment to client service whilst embracing many of the challenges faced by the Lloyd’s broking fraternity. The position the Group has reached could not have been achieved without the hard work and support of each and every member of staff over the past 20 years.”
Brian Marsh OBE, Chairman of B.P. Marsh & Partners PLC, commented:
“We are pleased that Besso has secured finance from a major financial institution such as Clydesdale. This, along with shareholder support, should allow Besso to continue on its growth trajectory. Since 2011, the management team, with Colin Bird as Chairman, has driven growth and profitability within the company; now with the appointment of Russ Nichols and Rob Dowman as joint-CEOs we see Besso as well positioned within the London Market to continue this strong performance.”
Paul Hambrook, Head of Insurance, Clydesdale Bank said:
"I am delighted that Besso has chosen to refinance their debt facility with Clydesdale Bank. The group is a fantastic addition to our Insurance Broker portfolio, one that the Bank has been actively building in the past 18 months. We look forward to working with the directors in achieving their growth strategies in the short and medium term."
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