Autonet announces investment from new backer

Autonet Insurance Services  (“Autonet”) the UK based online focused insurance broker specialising in van and car insurance, today confirms it has agreed a majority sale, subject to FCA approval, to an investment vehicle established by HPS Investment Partners (“HPS”).  Autonet was founded by Glynn Keeling and then sales director Ian Donaldson in 1998, with the founding principle “to be the best at what we do through innovation, business partnerships and customer satisfaction”. The transaction, once completed, will mark the next chapter in Autonet’s development.Autonet achieved its first financial milestone delivering turnover of £1m in just two years and has grown entirely organically to deliver gross written premiums in excess of £130m in 2015. It now employs over 700 people at its purpose built office in Stoke-on-Trent and has 340,000 live policies. Managing Director Ian Donaldson and Finance Director Craig Ball will continue to lead the business and will retain an ongoing stake in Autonet. Founder and Chairman Glynn Keeling will leave the business as part of the transaction.