Miles Smith, the London Market insurance broker is eyeing expansion after securing a new funding package from Clydesdale Bank.
Miles Smith, which employs more than 180 staff in its offices across the south of England, offers intermediary services primarily to business clients across a variety of different classes.
Clydesdale Bank was chosen as the primary banking partner after the commercial finance broker, Integritas Financial Solutions, led a review of options available to Miles Smith. The new partnership will allow Miles Smith to pursue its growth plans, which will include acquisitions.
Paul Jellicoe, Miles Smith’s finance director, said: “Clydesdale Bank understands the needs of a growing business in our sector and came up with a well thought through financing proposal. Its flexibility and responsiveness have enabled us to agree on a facility that ticks all of our boxes, and we look forward to the Bank’s support in achieving our goals in the next few years.”
Miles Smith provides corporate risk and schemes and affinities solutions, and is one of the largest independent London Market brokers.
Paul Hambrook, banking director at Clydesdale Bank’s business and private banking centre in London, said: “We are delighted to welcome Miles Smith to Clydesdale Bank. This transaction is just the latest in a number of refinances that we have completed in the sector and there are more to follow. We remain keen to work with other brokers that have achievable growth plans.
“We’ve been very impressed with Miles Smith since our very first meeting with the directors in 2013. We’re keen to support their growth strategy and we look forward to working with the management team as they look to deliver on these plans.”
Miles Smith was advised in the process by Integritas Financial Solutions, the commercial finance broker that specialises in the insurance intermediary space.
Martin White of Integritas Financial Solutions added: “'Having presented Miles Smith’s plans and funding requirements to a selection of banks, Clydesdale Bank provided the most commercial terms.
“Paul and his team have listened to our client's requirements throughout the process and adapted their offer to ensure it fully meets our client’s needs. Miles Smith has now got the funding it needs to grow the business as well as having a supportive new banking partner.”