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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Interview: Gallagher’s Karen Greenhalgh
Karen Greenhalgh, head of broking and placement for the commercial division at Gallagher in the UK, details her route into insurance, being one of the very first recruits when the US giant entered the retail market, and following her recent promotion her vision for her new role at the consolidating behemoth.
Adler Fairways notches up second buy of 2026 post Intact investment
Adler Fairways has completed the acquisition of the insurance broking arm of W B Baxter, based in Essex.
US to feel the brunt of Acrisure's 11% workforce cull
Acrisure has stated that most its upcoming job cuts will be in the US.
Momentum AR completes deal for Swansea broker
South Wales Insurance Brokers has completed the strategic buy-in to Swansea-based firm Fisher Insure Services.
Sign up for Broker Expo now to be ready for 2027 and beyond
You can now sign up to attend Broker Expo as part of Insurance Age’s wider UK Broker Week which also encompasses the UK Broker Awards and UK Broker Summit.
Kielty to help ‘transition’ as new UK leader announced by Aon
Jane Kielty will be supporting the transition of leadership responsibilities at Aon as the broker revamps its management structure, bringing in Tracy-Lee Kus to oversee the UK, Ireland, South Africa and the Middle East from 1 June.
Simply Business adds Allianz to SME insurer panel
Simply Business has expanded its product provider panel with the inclusion of Allianz UK.
GoShorty adds temporary motorhome, taxi, hire and reward car to portfolio
Specialist broker GoShorty has boosted its portfolio with the launch of temporary motorhome insurance, with temporary taxi and temporary hire and reward car to follow.