Leeds law firm Clarion Solicitors has advised the management of the UK's leading agricultural loss adjusters, Agrical Ltd, in a management buy-out of the firm.
The deal will see current MD, Mike Collins, assume the role of Chief Executive Officer and Director, and Nigel Collinson become the firm's new Managing Director. Current CEO, Bob Morris will remain with Agrical Ltd in the role of Chairman.
The company was formed in January 2002 following the merger of Morris Associates and Phoenix Chartered Loss Adjusters, and over the last six years has grown to become the UK's leading provider of loss adjusting and claims management solutions to the farm and estates insurance sector in the UK.
Agrical Ltd now employs 35 people in offices across the UK. Its two main offices are located in Tadcaster, North Yorkshire and in Wells, Somerset.
Christian Hunt, Clarion Solicitors Corporate Partner who led the team, said: "Agrical Ltd is a solid business that has fantastic growth and development prospects. We're pleased to have helped one of the most competent management teams we've ever worked with, to secure the MBO."
Agrical Chief Executive, Mike Collins said: "The MBO sees one of the most talented and experienced teams of senior adjusters in the industry seize the opportunity to build on what is already a very successful business. Given the experience of the directors and the senior management team, this was the natural progressive step to push the business forward to its next phase of development and beyond.
"In the short term it's definitely business as usual. We anticipate a new management board being put in place that will steer the company through the ambitious growth plans we have set ourselves as well as ensuring a seamless succession from the old to new management."
Agrical Managing Director, Nigel Collinson added: "We will be looking to enhance our product offerings to our clients, exceed our growth targets whilst continuing to invest in our people in order that we remain the standard bearer of loss adjusting skills within the market."
David Smithson of accountants Mazars LLP, who advised on corporate finance for the deal, said: "Agrical's management team is both ambitious and highly competent. We are pleased to have assisted in the buy-out and have great confidence that, with their experience and contacts within the sector, they will continue the growth that will allow them to remain such a powerful force in the market."
