BENNETTS Southampton, the local branch of Bennetts UK is looking forward to a bright future, thanks to a management buy-out and refinancing initiative.

The management team, led by Ian Darbyshire and John Langley have invested in the business in a deal completed in record time. It took just five days between heads of agreement and completion. Mr Darbyshire said: "As a result, we have a much stronger balance sheet and the capacity to exploit the clear growth opportunities which lie ahead."

Linsey Cuff, of Bennetts Southampton, said "The MBO has been very positively received by our insurer partners who are showing their support by helping us introduce new products to our portfolio, giving us access to a greater choice of product variations and reducing prices. We're looking to pass on these benefits to our customers to support our commitment to saving customers time, money and effort."

Martin Bodenham and Trevor Jones of Advantage Capital, which led an equity syndicate providing the main funding for the MBO, said "The insurance broking industry is consolidating. This process is widely expected to speed up ahead of 2004 when the FSA assumes responsibility for regulating the sale of general insurance products. Well run and professionally managed brokers like Bennetts will be well placed to exploit this market opportunity. Consequently, growth by acquisition is a key plank of Bennetts' future plans. We're delighted to be part of this future."

Neil Comer and Roger Wood of Bentley Jennison Corporate Finance introduced the opportunity to Advantage Capital.

Bennetts was founded in 1948. It operates from 30 branches in the southern Home Counties with a head office in Worcester.

Annual gross premium income is approximately £40m.

There are 230 employees.