Brightside Group

Brightside Group
Company typeLimited Company
IndustryInsurance & Finance
Founded2005
HeadquartersBristol, UK
Number of employees
640
Websitehttp://www.brightsideinsurance.co.uk

Brightside Group is an insurance broking and financial services business in the UK. The company was incorporated in 2006,[1] is based in Bristol[2] with offices in Southampton, and Torquay.[3]

History

Brightside is registered in the UK and is regulated by the Financial Conduct Authority (FCA). In June 2008 a reverse takeover took place between Aust Holdings Limited and Brightside Group Plc.[4] Brightside Group Plc acquired Group Direct and its associated companies, changing its principal business activity from financial rehabilitation solutions to insurance broking.[5] In the same deal Brightside Group acquired Injury QED which provides solicitors with medical reports for personal injury claims.[5] The Brightside acquisition included a strategic investment from Aviva-owned insurer Norwich Union and Swedish based Stena Investments. For the six months ending June 2010 revenue grew 24% from £21.4 million in 2009 to £26.6m.[6] In December 2009, the Group raised £20m in additional capital to expand online offerings and the development of its medical reporting business, Injury QED, and in June 2010 the Group acquired the eCar and eBike brands to substantially increase distribution and represented an additional 307,000 policies.[7]

Problems with ex CEO

Arron Banks co-founded Brightside Group in 2005, and was appointed CEO in June 2011, at which time the company was listed on the Alternative Investment Market (AIM). The board accepted the resignation from Arron Banks, effective 20 June 2012.[8] Following Banks departure a bitter dispute followed including legal action from Southern Rock Insurance Company, which is owned by Banks.[9]

AnaCap takeover

In 2014 the company was de-listed from the AIM Stockexchange and purchased by AnaCap Financial Partners LLC at £1.27 per share.[10] In 2015 the company underwent a rebrand, becoming known simply as brightside.[11]

Company Results

On 28 September 2010, Brightside Group released its Preliminary Results for the first six months of 2010 (unaudited):[12]

  • Profit from continuing operations increased by 33% to £4m in the first six months of 2010 (same period in 2009 £3m)
  • Revenue increased by 24% to £26.6m in the first six months of 2010 (same period in 2009 £21.4m)
  • EBITDA before exceptional items and share option charges increased by 11% to £4.97m in the first six months of 2010 (same period in 2009 £4.48m)
  • Earnings per share on profit from continuing operations increased by 3% to 0.65p in the first six months of 2010 (same period in 2009 0.63p)
  • In 2014 the company made a £43.7 million loss.[13]

Associated companies

Brightside Group incorporates:[3]

  • Commercial Vehicle Direct
  • Brightside Insurance
  • One Insurance Solution
  • Logical Choice
  • ProSport Insurance Services

The Group's key insurance areas are van, taxi, business, home, car, motorhome, minibus, caravan, property, tradesman and corporate.

References

  1. ^ "Notice of General Meeting and Admission to trading on AIM" (PDF). Brightside Group. Retrieved 3 December 2015.
  2. ^ "Case study Brightside Group Plc" (PDF). Chartered Institute of Management Accountants. Retrieved 3 December 2015.
  3. ^ a b Brightside Group website
  4. ^ "Brightside Group insurance company and news". Insurance Proof. Archived from the original on 8 December 2015. Retrieved 3 December 2015.
  5. ^ a b "NU supports Group Direct's reverse takeover of Brightside". Insurance Daily. 3 June 2008. Retrieved 25 June 2009.
  6. ^ "Brightside 1H figures enable it to look on the bright side". Insurance Day. 30 September 2008. Retrieved 25 June 2009.
  7. ^ "Brightside Group plc Interim results 2010" (PDF). Brightside Group. 28 September 2010. Archived from the original (PDF) on 19 August 2014. Retrieved 28 September 2010.
  8. ^ "Brightside's Arron Banks resigns". Insurance Times. Retrieved 3 December 2015.
  9. ^ Gallagher, Paul (24 September 2015). "Ukip's £1m donor Arron Banks is accused of conspiracy by his old company". Independent. Retrieved 3 December 2015.
  10. ^ "Proposed acquisition of Brightside Group plc". AnaCap Financial Partners. Retrieved 3 December 2015.
  11. ^ "European financial services private equity firm AnaCap has completed the acquisition of Brightside Group, a UK insurance broker". Private Equity Wire. Retrieved 3 December 2015.
  12. ^ "Brightside looks to further growth as profit soars 182%". Insurance Daily. 1 April 2009. Retrieved 25 June 2009.
  13. ^ "Brightside Group posts £43.7m loss for 2014". Insurance Age. Retrieved 3 December 2015.