Simply Business closer to management buyout
Simply Business is set for a deal to separate from Brit Group through a management buyout, sister title Postonline has revealed.
According to the article, Mark Cloutier, group CEO of Brit, said of the current situation: "With regard to Simply Business, we cannot speculate or comment on rumours.
"However, if an MBO on favourable terms were to be concluded, Brit would be inclined to support it given that we have exited the UK middle market."
The insurer retained a 38.4% stake in Simply Business - which reports through holding company Xbridge - when it sold its UK regional business to QBE in April last year.
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