Drainage body majority stake backed
A mid-market growth investor has backed the management of UK Drainage Network acquiring a majority stake.
Investor Lyceum Capital has supported the drainage claims manager, Solihull-based UKDN.
UKDN, a £20m turnover company, provides claims management, remediation, validation, investigation and repair services. These are for insurers from 11 depots and a team of 270 directly employed skilled operatives.
The manager and Lyceum Capital aim to encompass other services, creating an outsourced claims management and validation provider in the home insurance market.
"UKDN is ideally positioned to consolidate a highly fragmented sector", said Greg Beech, chief executive of UKDN.
"It has the infrastructure, nationwide coverage, technical skills base and proven management team to become a market-leading outsourced service provider in the market."
Greg Beech, chief executive of UKDN, said: "This is an exciting development for our insurance customers at a time when they are looking to increase efficiency by consolidating supply chains and partnering with technology-led, customer focused service companies."