Giles not headed for IPO chief exec insists
Brendan McManus, chief executive of Giles Insurance Brokers, has hit back at claims the company’s backers are looking for an exit as he moved to dampen rumours of an imminent market flotation.
Mr McManus made the claim as the Giles group reported a 16% increase in turnover to £81m (2010: £70m) and a 15% increase in EBITDA to £24m from £21m the previous year.
However the total loss for the group was stable at £37m.
This was due, according to the company, to non-cash accounting elements such as writing off goodwill and equity charges.
Mr McManus told Insurance Age: “We often read that Giles is looking for an exit, that Charterhouse are looking for an exit or we want to do an IPO. I want
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