Business
Investee Company Update - Besso Insurance Group Ld
Investee Company Update - Besso Insurance Group Ld.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 4510J B.P. Marsh & Partners PLC 17 December 2015 \n\nDate: 17th December 2015\nOn behalf of: B.P. Marsh & Partners Plc\nImmediate release\nB.P. Marsh & Partners Plc\n(\"B.P. Marsh\", \"the Company\" or \"the Group\")\nInvestee Company Update - Besso Insurance Group Limited\n \nB.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to note that its investee company Besso Insurance Group Limited (\"Besso\") has announced today that it has completed a refinancing deal with Clydesdale Bank, to support its continued growth strategy.\n \nThe additional funding will assist Besso in continuing its growth trajectory and building on its recent expansion into new regions. In addition, a proportion of the funding will also repay longstanding Loan Notes provided in 2011 by Besso Management and Shareholders (including the Company) to buy out certain shareholders, in particular Wells Fargo. B.P. Marsh currently has £2.775m outstanding in Loan Notes and, once these are redeemed, has committed a further £1m loan facility to Besso, alongside Clydesdale. \n \nBesso has grown substantially from revenue of £22m in 2011 to a current forecast performance for 2015 of £37m of revenue and over £6m of underlying EBITDA.\n \nRobert Dowman, Joint Chief Executive of Besso Limited, said:\n \n\"We worked closely with our shareholders in considering our options for enhancing our capital structure. Our decision was to repay the shareholder loan to B.P. 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.\"\n \nRuss Nichols, Joint Chief Executive of Besso Limited, said:\n \n\"Since 2011 we have steadily grown revenues and profitability in a very tough market while reducing the overall indebtedness of the company from £9m to £6m. This success reflects the commitment and expertise of the Besso team along with the entrepreneurial ethos ...