A BUSINESS offering online insurance has new owners after a management buy-out.

UKinsurancenet, in Darlington, specialises in online landlord and property insurance.

The company employs 75 North-East workers and has a £10m turnover.

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The management team, led by managing director Steve Bradley and operations director Suzanne Eeles, carried out the deal after securing funding from HSBC.

The team has been further bolstered by the arrival of chairman Paul Meehan.

The buy-out was supported by Darlington-based Clive Owen Corporate Finance.

Angus Allan, corporate finance partner, worked as lead advisor to structure the deal and raise finance for the management team.

Gary Copeland, of BHP Law, which has offices in Darlington, provided legal advice to the vendors, with Peter Wood, from Pinsent Masons, acting for the management team.

Mr Bradley said: “It’s a dream come true to have completed the management buy-out of a business that I have such a passion for.

“The buy-out has enabled us to look at what we have already achieved and put plans into place to grow the business to the next level.”

Mr Allan added: “We’ve been working with the management team for a period of time and wanted to ensure there was a smooth transaction of ownership alongside the right funding partners.

“We have done that and I wish them well with their new business.”