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Aon Will Pay Pounds 80m for Footman James

Jan 27, 2007


CLASSIC car insurance broker Footman James will be sold to Aon, the world's second largest broker, for about Pounds 80 million this week.

The West Midlands-based broker, which was founded in 1983, was put up for sale in August by its private equity owner Alchemy Partners.

Paul Matthews, Footman James's managing director, would not comment on possible buyers, but said completion of the deal was imminent.

He added that throughout the sales process, handled by accountancy firm Deloitte, all potential private equity and trade buyers had committed themselves to retaining the broker's brand.

The broker recently secured deals to sponsor two motorbike events on the Isle of Man. It also sponsors the Classic Motor Show.

Alchemy acquired Footman James from Viridian Group in 2002, when it paid nearly Pounds 130 million for the much larger Northern Ireland-based Open + Direct group. Last February, it sold Open + Direct's retail finance arm for Pounds 250 million.

(c) 2007 Mail on Sunday; London (UK). Provided by ProQuest Information and Learning. All rights Reserved.

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