BENNETTS Salisbury, a branch of independent insurance brokers 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, made a sizeable investment in exchange for a significant stake in the business.

The deal was completed in five days.

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."

Darren Long, of Bennetts Salisbury, in Winchester Street, said: "The management buy-out 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 buy-out, said: "The insurance broking industry is consolidating.

"This process is widely expected to speed up ahead of 2004 when the Financial Services Authority 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 and we are delighted to be part of this future."