Broker Right Choice receives £28m private equity investment

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The private equity arm of Lloyds Bank has invested £28m for a minority shareholding in motor broker Right Choice.

Right Choice said the investment would be used to drive further growth in technology within the business.

A spokesperson for LDC declined to give the proportion of shareholding it will now hold in the broker.

Right Choice was founded in 2008 and now has annual turnover of £26m.

“We’re now at the stage where investment is paramount to enable us to push on to the next phase of our growth plans,” said Mike Joseph, CEO of Right Choice.

“Having held a longstanding relationship with LDC, partnering with it was a natural fit and we are excited to move forward with our shared ambition.” 

Yann Souillard, head of LDC in London and the South, said: “Having developed Right Choice from just a concept, Mike and his team have created a major disruptor in the insurance space and we look forward to working together to execute a growth plan.”

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