Tempcover completes £13.3m MBO

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Tempcover has completed a £13.3m management buy-out (MBO) backed by £7.5m from Connection Capital alongside a £5.75m debt package from Santander UK’s Growth Capital team.

The business specialises in providing short term policies of 1-28 days.

The firm was established in 2006 and now has an estimated 60% market share in its niche. It wrote over 360,000 policies last year.

Tempcover highlighted a range of factors contributing to its growth including the rise of the gig economy and the evolution

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