Banks to offload 10% of Brightside holding
Arron Banks, chief executive officer of Bristol-based Brightside Group, is to sell 10% of his share holding and grant security to an unconnected third party of nearly eight million ordinary shares in the company, it has been announced.
The move was revealed by the company as part of a programme where along with finance director, Paul Chase Gardener, Mr Banks will be investing in an insurance company backed by major reinsurance capacity with a view to securing further capacity to support the expansion of the company's broking business.
The news came as Brightside released a trading update for the six months to 30 June 2011 which revealed the directors expected the financial performance of the company to exceed consensus
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