Utility Aid’s management team have announced the company’s MBO, having bought out the company for an undisclosed sum in a deal backed by new investors Peter Cullum and Neil Utley, together with Andrew King on behalf of the King Group of Companies.
Management team Giles Hankinson (pictured), CEO of Utility Aid and Non-Executive Directors, Guy Fraser-Sampson and Andy Homer, led the MBO, which was completed on 24th January.
Utility Aid was formed 19 years ago, and employs 37 employees across five locations; Blackpool, Birmingham, Norwich, Sleaford and Glasgow. According to Utility Aid, it works with 27 out of 30 suppliers, and with around 1,800 charity clients including Citizens Advice Bureau, the MS Society, and YMCA.
Giles Hankinson said:
“These are very exciting times as we continue to drive the company in the next phase of growth, notably of regulation in the utility broker sector which is ripe for consolidation. Our culture and strategy is to provide the best deal possible for our clients.
“Having the right team is a priority in helping us execute our strategy, so I am delighted to be working with Peter, Andy and Neil. With their extensive knowledge of the insurance and broking business, and their experience in building businesses in a heavily regulated space, they are the ideal partners as we continue to campaign for much needed regulation. “
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