Buyer found for collapsed Connah’s Quay insurance firm but MP still wants answers on money paid to holding company

A Connah’s Quay insurance broker which collapsed in February with the loss of over 60 jobs has been bought out of administration.

Staveley Head appointed administrators Duff & Phelps in February 2020, after losing a contract with its main insurer Gefion.

Questions were raised by Alyn and Deeside MP Mark Tami following its collapse about “significant sums” of money paid to a holding company shortly before running into trouble.  

Companies House information revealed that Staveley Head paid a £2m dividend to its holding company Gelert Group while also paying £600,000 to its directors.

Staveley and Gelert are both registered at Staveley House in Connah’s Quay and Staveley’s directors, Ashley Leonard Peters, and Martin Keith Tyler are also listed as directors at Gelert Group.

Following the collapse MP Mark Tami said: “The suggestion that dividends amounting to significant sums may have been paid by Staveley Head shortly prior to entering administration is concerning.

Administrators, who have continued to operate Staveley Head, announced this week the remaining business had been sold to Staffordshire-based One Sure Insurance Limited.

It’s understood the deal secures around 20 jobs at the Connah’s Quay based firm.

In a statement the administrator said: “The Joint Administrators are pleased to have achieved a positive outcome, particularly given the current climate, and believe that it demonstrates the Purchaser’s confidence in moving the business forward and returning it to success.” 

Following the news, Mark Tami said he was, “glad that some jobs at Staveley Head have been saved, which is welcome news for those protected in these challenging times.

However, I believe it is vitally important that questions continue to be asked about the money which was allegedly withdrawn from the business before it collapsed and whether this could have supported more employees.

“My office is, of course, available to assist any constituent who has any questions about their position at this time.”