Oval secures £43m deal to finance growth strategy

Wakefield-based Oval has announced a £43m refinancing deal.

Barclays was the lead mandated arranger, providing a £20m term loan and a £3m overdraft facility, while Lloyds provided the remainder of the deal.

The facility is structured over four years to support

Oval has 24 offices managed by eight regional hubs, and employs around 1,200 employees.

The Oval group is one of the UK’s biggest risk, insurance broking, financial planning and healthcare advisory firms.

Independently owned, and with an office network stretching from Aberdeen to Exeter, it has a client list which includes thousands of businesses and individuals across the country.

Established in 2003, The Oval group is made up of three divisions – Oval Insurance Broking, Oval Financial Services and Oval International.

Oval is a Lloyds accredited insurance broker, specialising in worldwide risk management for marine, energy and wind power businesses.

Oval Group Finance Director, Ian Story, said yesterday: “Having just finished a very successful year, we are pleased to start the current one by securing this new facility.

“Barclays and Lloyds have supported Oval for many years and we look forward to their continuing involvement for many more to come.

“We believe that this refinancing is an endorsement of our strategy and confirmation of the strength of our company.”

Ben Andrews, the relationship director at Barclays Corporate Banking in Leeds said yesterday: “Oval has proven resilient through the cycle and Barclays support has been very much based on our belief in the quality of the management team, and the close relationship we have enjoyed over the years. We look forward to continuing our long standing relationship with Oval and supporting the company’s growth in the years ahead.”

Oval is led by group chief executive Peter Blanc, who started his career with Legal and General in 1989, before joining Farr Insurance Brokers as a trainee motor broker.

Mr Blanc joined the board in 1996, and led a management buyout in 2000.

He grew the business, which was then known as FMW Risk Services, until 2007 when it was sold to Oval. At the time, Oval was in the process of buying a number of businesses.

He later joined the board of Oval and, in March 2012, he was appointed chief executive.

Mr Blanc aims to grow the business organically and through acquisition, so it becomes one of the UK’s biggest independent insurance broking and financial services groups.

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