Barclays Private Equity has backed a management buyout A Plan Insurance, the Oxford-based insurance broker.
The deal will see 32 per cent of the business’s equity pass to the management team, with the rest held by Barclays Private Equity, Insurance Daily reports.
A Plan operates 54 branches in the south of England and employs 500 staff. More than 40 senior staff were involved in the MBO.
Barclays Private Equity managing director Owen Clarke said A Plan’s face-to-face business model was a big attraction, as consumers disliked dealing with their insurance needs over the phone.