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Arron Banks’ Eldon plans stock market listing

Arron Banks’ Eldon plans stock market listing | Insurance Business UK

Arron Banks’ Eldon plans stock market listing
Thanks to his extensive backing of the UKIP and Brexit campaigns, Arron Banks has become one of the biggest names in the insurance world – and now he seems intent on further expanding his reputation.

His insurance business, Bristol-based Eldon, has seen its business jump by 40% over the last year to £47.3 million, according to a Business Insider report. Despite the rise in turnover however, its profits slipped from £284,000 back in 2015 to a post-tax loss of £21,000, according to the publication’s report on accounts filed at Companies House – this was largely due to expenses hitting £47 million.

Still, the expenses appear to be a sign of big ambitions for the firm which is behind brands such as Footprint and Goskippy.

According to a Mail on Sunday report, Eldon has been utilising artificial intelligence technology and this has helped it to an operating profit of £16.7 million so far this year. Banks also earmarked plans to float the company on the stock market with a value potentially in the region of £250 million next year.

Eldon remains closely linked to the Leave.EU campaign with Elizabeth Binley serving as CEO for both the campaign and Eldon; while Andy Wigmore, the group’s director of communications also holds a directorial position at Eldon.

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