Bristol-based Park Insurance this week revealed that two directors of Autonet Insurance could be about to stage an audacious MBO takeover of the award-winning Stoke-based van insurance broker.
Park Insurance, whose website also revealed this week that “JLT reports âencouraging organic growthâ in Q1” [sic] and “Munich Re pays â¬1.1bn dividend as it heads for â¬750m Q1 profit” [sic], cited anonymous “sources” who have apparently told industry magazine Insurance Times that Autonet blokes Craig Balls and Ian Donaldson may be poised to buy out chairman and majority owner Glynn Keeling using some money they’re getting off some venture capitalists.
The magazine claimed to have asked someone at Autonet whether they would like to say anything about this astonishing rumour; but apparently they said they didn’t. Only time, Bankstone News was forced to conclude, will tell i.e. whether the story is true or false, or might have been true but now won’t be, or something else.*
In the meantime, at least, it provided Insurance Times with a welcome opportunity to publish a photograph of Ian Donaldson, comfortable winner of scariest corporate-photography-induced smile of the week, this week or any other.
* STOP PRESS: Chairman scotches ugly rumours. Insurance Times has now exclusively revealed that the rumours were just that i.e. rumours. How grossly irresponsible of Park Insurance – shame on you – to peddle them. Autobot Chairman Glynn Keeling told the paper emphatically: “I am not selling, I’m not doing a change of control. I’m the chairman of Autonet Insurance and that’s the way it’s going to stay.”
Still, it was fun while it lasted.
About Park Insurance
In addition to its extensive online insurance channels, Park Insurance takes pride in providing both its local and its national clients with the highest standards of personal service, as well as offering them access to a unique range of insurance products and services, from specialist car and home insurance through to business insurance for fairgrounds, health clubs, hotels and guest houses.