Trade credit and surety brokerage Xenia Broking Group has entered into an agreement to acquire the trade credit business of East Sussex-based Status Credit Insurance Brokers.
In a statement, Xenia said that the transaction will complete in April, following which it will integrate Status’s trade credit business with its regulated entity, Credit Risk Solutions (CRS).
Tim Coles, chief executive officer of Xenia, said that the acquisition was “complementary” and allowed his firm to extend and improve its client reach and service offering.
“Lance Attwell, founder and managing director of Status, has built over many years, a business which has an enviable reputation for client engagement, service quality and client retention,” said Coles. “The fact that a business of the quality of Status has agreed that Xenia is the right home for its clients is supportive of our strategy to build a leading trade credit broking business, one focused on delivering outstanding outcomes for our growing client base. We are delighted to welcome Lance and his team into the group and very much look forward to, together, exceeding our clients’ expectations for service and results.”
For his part, Atwell said that Xenia “is a natural home for Status.”
“We have common values and a shared passion for service and the success of our clients,” said Atwell. “Xenia is an ambitious company with challenging yet achievable plans, plans which are founded on delivering world class outcomes and outstanding customer service.”