Nexus’ Xenia swoops on Tysers’ trade credit & surety business
Nexus Group’s independent broking arm Xenia has snapped up Tysers’ UK whole turnover trade credit and surety business to expand its presence in the London market.
The transaction marks Xenia’s eighth acquisition to date and fifth in the last nine months. It is also Xenia’s second acquisition of a trade credit client portfolio from a general broker.
Tysers said the sale is part of its strategy to focus on and invest in the businesses where it has the expertise and opportunity to grow.
Following the deal, Martyn Locke, client director, will transfer to Xenia with the client portfolio.
Tim Coles (pictured), chief executive officer of Xenia, said: “2021 was an exciting and productive year for Xenia on the acquisition front and we are delighted to start 2022 by welcoming Martyn Locke to Xenia. In addition to gaining Martyn’s experience and long-standing trade credit relationships, we look forward to Martyn playing a key role in expanding our London presence, including in support of our Financial and Speciality division and supporting growth of our surety capability.
“We are pleased that Xenia’s position as a market-leading specialist in trade credit has been recognised by Tysers in selection of the right home for Martyn and his portfolio of clients. We look forward to working closely with Tysers beyond this transaction.”
Locke added: “I’ve greatly enjoyed building the portfolio at Tysers, and starting a new chapter as part of Xenia as the leading specialist trade credit & surety broker in the UK is an exciting opportunity. Ensuring a smooth transition for my clients is a key priority and I look forward to being part of Xenia’s ambitious growth plans.”
Bob Pybus, head of retail at Tysers, commented: “We are delighted to be transferring our trade credit portfolio to a specialist broker where clients will continue to receive an outstanding service. The sale of the portfolio is part of our ongoing strategy to focus on and invest in the businesses where we have the expertise and opportunity to grow.
“We wish Martyn every success in his new role and thank him for his great contribution whilst at Tysers. We are looking forward to seeing the portfolio prosper under Xenia’s ownership.”
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