New financial backer sought for company
IPSWICH-based Call Connection is today on the hunt for a new financial backer to boost its expansion in the future. Company founder and managing director Graeme Kalbraier is looking for an injection of cash to take Call Connection on to a new level.
By Paul Geater
IPSWICH-based Call Connection is today on the hunt for a new financial backer to boost its expansion in the future.
Company founder and managing director Graeme Kalbraier is looking for an injection of cash to take Call Connection on to a new level.
This could see the business sold to a larger group or it could see another group coming in as a partner to provide extra capital to fund the expansion.
Call industry experts estimate the company could be sold for upwards of £75million.
Mr Kalbraier said today that the jobs of all current staff would be guaranteed and the move should be good news for them as they all have a stake in the business.
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He said he hoped to continue running the company on a day to day basis once the deal was completed, hopefully by the end of the summer.
Mr Kalbraier said: “Quite honestly we have so many plans for expansion that we need a partner to provide the capital to get these going. We are not big enough to take the business to the next level ourselves.
“We are sure there will be interest in this business from across the insurance sector - but if we cannot find the right deal then we will continue as we are. There is no need to sell a stake in the company although it is a good time to bring in new investors.”
Employees own three per cent of the business which was founded by Mr Kalbraier in 2004 after he had earlier founded the Anglia Countrywide and Direct Motorline insurance companies which were both subsequently taken over by industry giants.
Call Connection uses modern technology to link people looking for motor insurance with companies or brokers likely to offer a competitive quote. It picks up calls to other insurance companies that would otherwise have gone unanswered.
The company employs 350 people at modern offices off St Nicholas' Street.
It has been voted one of the best companies in the country to work for - and Mr Kalbraier has used much of the same management team in all his insurance companies.
He said: “The current management team certainly hopes to continue to run the company - we will have to see what happens.
“In an ideal world a larger company will come in as a partner and enable the current structure to remain, but we will have to see exactly what happens.”