A BUSINESS providing online insurance has new owners following a management buy-out.

UKinsurancenet, based in Darlington, specialises in online landlord and property insurance and has operated for more than ten years. It has 75 staff and a turnover of £10m.

The management team, led by managing director Steve Bradley and operations director Suzanne Eeles, completed the buyout after securing funding from HSBC.

Paul Meehan has joined as chairman to assist in new growth strategies.

Angus Allan, corporate finance partner at accountants and business advisers Clive Owen & Co in Darlington, was the lead advisor, structuring the deal and raising the finance.

Gary Copeland, of BHP Law, provided legal advice to the vendors, while Peter Wood at Pinsent Masons acted for the team.

Mr Bradley will now head the business and said: “It’s a dream come true to have completed the management buy-out of a business that I have such a passion for and I look forward to working with the team to deliver continued growth and genuine innovation.

“The buy-out has enabled us to look at what we have already achieved and put plans into place to grow the business to the next level.”