Pictured above: (l-r) Chris Hutchins, Andy Underwood, Andy Miller, Ashwin Mistry, Kevin Richards, Paul Coupland, Dean Oldham, Mark Taylor

The management team at one of the Midlands' leading Insurance brokers has taken a major stake in the company.

The move is part of Leicester-based Brett & Randall's planning for the future to build on its position as one of the region's largest brokers.

Brett & Randall is part of The Brokerbility Group, which places premiums of £425 million into the UK insurance market.

The management buyout team, led by existing shareholder Ashwin Mistry, has bought the shareholding of business founder Stuart Randall, who will be pursuing other business interests.

Mr Randall said: "This is an ideal solution for both parties, and I am pleased that the succession planning we have put in place has come to fruition."

Ashwin Mistry said: "The deal was concluded quickly and with little fuss. It is a tremendous opportunity for some of the younger members of the team to fulfil their career ambitions to be shareholders and shape the business going forward."

At the same time, the financial services arm of Brett & Randall was sold to its management. The financial services business will continue to trade alongside the insurance business at the firm's city centre offices in East Bond Street.

New shareholders raised some of the finance for the deal with the majority provided by The Royal Bank of Scotland who were advised by solicitors HBJ Gateley Wareing, and accountants Mazars.

Brett & Randall and its management team were advised by Jitendra Patel of solicitors Brethertons and Cooper Parry, whose Leicester office handled both deal structuring and tax advice. Solicitors Spearing Waite acted for Stuart Randall and Brett & Randall Financial Services Management Team, Ralph Mitchell and Angela Knight.