Independent specialist credit insurance and surety broker Avenue Insurance Partners has acquired boutique specialist commercial debt resolution company Ko-bolt.
As the volume of business insolvencies and credit defaults continues to rise and the demand for credit insurance broking and debt resolution services is increasing, the acquisition will allow Avenue to now offer a range of credit management services, adding value for clients and differentiating its service in the market.
Avenue Insurance Partners and Ko-bolt Managing Director, Shaun Purrington, commented:
“Through the acquisition of Ko-bolt I am delighted that Avenue Insurance Partners will now be able to offer additional credit management services to our clients. A key requirement of any credit insurance policy is for the insured to take appropriate action to mitigate loss and therefore offering a debt recovery service is a natural fit with our specialist broking activities, but also serves as an alternative service when credit insurance isn’t viable. The feedback from our clients supports this.”
He added:
“Karl Hague, the CEO of Ko-bolt has recently joined Avenue as a Regional Commercial Director and will retain his involvement with Ko-bolt in the role of Sales & Marketing Director, reporting to me. It’s important to ensure continuity in the service proposition to existing clients and other stakeholders and Karl will play a pivotal role in the continued growth of both businesses.”
Karl Hague (MCICM) said:
“I’m delighted to be able to secure more investment in Ko-bolt as part of the acquisition and look forward to working with the Avenue team to help more companies mitigate the balance sheet risk of bad debt.”
Avenue Insurance Partners is an independent insurance broker specialising in the market placement of UK and international credit insurance & surety risks. Founded in 2017, it’s growing client base currently has over £2 billion of trade receivables protected by credit insurance.
Ko-bolt is specialist debt resolution and credit management agency founded in 2020. To-date Ko-bolt has helped its national client base to collect over £2 million in late payments which could have otherwise resulted in bad debt
