Business

Ardonagh completes Lloyds Latchford deal

The Ardonagh Group has completed the purchase of Lloyd Latchford Group into Atlanta Holdings D1 Limited for an undisclosed sum.

Lloyd Latchford Group is a specialist retail broker with a particular focus on the motor sector. It has been trading for over 20 years and manages over 12,000 policies a month including car, driving instructor, commercial and home insurance via digital platforms and its customer contact centre based in Princes Risborough, Buckinghamshire.

Tim Hutton, founder and MD of Lloyd Latchford Group, said: “The Lloyd Latchford Group team has delivered significant growth over the last three years, and being part of the Atlanta group, with access to some of the best people, systems and pricing capability within the industry, will only help us to continue that growth and accelerate our plans and we are very much looking forward to the future.

“We see a huge opportunity to grow as part of a wider group and are already discussing some significant partnerships. We are very much looking forward to an Atlanta future.”

Atlanta CEO Ian Donaldson added: “I echo these sentiments wholeheartedly and am very much looking forward to working with Tim and his team on this great opportunity for us all.

“They are a perfect fit for Atlanta as we share the same synergies and also the same passion for our people. This new addition supports our ambitious growth plans by further strengthening Atlanta as the industry leading digital broker.”

Last week, Ardonagh announced that it made a loss of £94.1m during the six months ended 30 June 2020.

Despite its operating result improving by £29.1m, this was offset by one-off financing costs of £81.6m and a £5.7m decrease in the tax credit in the year, according to the group.

In addition, group income fell by 3.7% or £12.6m to £324.8m in the same half-year period.
Nonetheless, Ardonagh said it has delivered “strong” results despite the pandemic, with EBITDA growing by over 30% to £81m.

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