17 December 2015 Insurance

Besso secures funding to fuel growth

Independent Lloyd’s broker Besso 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, according to the firm.

It said 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 has grown substantially from a revenue of £22 million in 2011 to a current forecast performance for 2015 of £37 million of revenue and over £6 million of underlying earnings before interest, taxes, depreciation and amortisation (EBITDA).

“We worked closely with our shareholders in considering our options for enhancing our capital structure,” said Robert Dowman, joint chief executive (CEO), Besso.

“Our decision was to repay the shareholder loan to BP 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 CEO of Besso, added: “Since 2011 we have steadily grown revenues and profitability in a very tough market while reducing the overall indebtedness of the company from £9 million to £6 million.

“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.

Brian Marsh OBE, chairman of BP Marsh & Partners said that he is pleased Besso has secured finance from Clydesdale and added that the finance, along with shareholder support, should allow Besso to continue on its growth trajectory.

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