UK - Northern Venture Managers (NVM) has backed the eight-figure management buy-out (MBO) of East Yorkshire-based Horncastle Industries.
NVM provided £5m of equity funding to enable the MBO team, led by Malcolm Taylor and Stephen Trebble, to complete the deal. Bentley Jennison Corporate Finance advised the management team on the buy-out, and structured and arranged finance.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.