Lark Group is pleased to announce that its management have today successfully completed the acquisition of Groupama’s majority shareholding in the business for an undisclosed sum.
As a result Lark is once again an independent broker controlled by its senior management.
Graham Lark, chairman, said:
“I am absolutely delighted we have managed to complete this transaction. Once Groupama announced their desire to sell we knew the only outcome likely to satisfy our aspirations for the business would be a management buy out. While I would like to thank Groupama for all their support over the last five years and wish them well for the future we are now looking forward to life as an independent broker once again. We are hugely fortunate to have such a long-serving and hard working team and I would like to thank them all for their patience during the last few uncertain months.
I would also like to thank our backers Hiscox for supporting us as a minority investor in the buy out and Lloyds TSB Bank for providing debt finance. With the transaction now behind us I have every confidence that Lark will continue to thrive and grow in the challenging times ahead.”