Radius has bought The Burley Group, a Sheffield based insurance broker specialising in the fleet and plant sectors.
Bill Holmes, chief executive of Radius said “This move is great for Radius. It significantly strengthens our insurance division with a company that has a long history of providing great service that is very similar to those found in our fuel business.
"We plan to both significantly expand the sales operation and create new products driven by data from our telematics platform. I am looking forward to working with Matt Mawson and his experienced team over the months ahead as we start to develop and execute our plans.”
Burley was advised by Christian Mayo, Stewart Cape and Ed Crocker of KPMG, while Max Kennedy of Foys provided legal advice to the shareholders.
Stewart Cape, who leads KPMG’s corporate finance focus on financial services in the North said: “Amongst the wave of consolidation in the insurance sector this is a unique transaction given Radius is a provider of payment and telematics solutions. The acquisition provides Radius with the right partner to develop their insurance offering and provides Burley with access to Radius’ significant customer base and resources.”
Radius can trace its roots back to 1990 when Bill Holmes set up a fuel card company in the north of England called UK Fuels. He then led a merger of more than 25 smaller businesses to establish a company capable of competing on a global basis. Today , the company has more than 23 offices in 15 countries and provides a range of products and services to the small and medium fleet sectors.