Eldon Insurance

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Eldon Insurance Services
Industry
Parent
ICS Risk Solutions
Websiteeldoninsurance.co.uk

Eldon Insurance Services Limited or simply Eldon Insurance is a British

insurance broking and claims management company controlled by Arron Banks. It is based in Bristol but also has offices in Newcastle, Southampton, and South Africa.[1][2] Founded in 2007 the company is regulated by the Financial Conduct Authority (FCA).[3] It specialises in motor vehicle insurance and currently operates under the trade names GoSkippy, Footprint, Plato Insurance Services, and Vavista. Also previously Solid Insurance (2013), Business Choice Direct (2014–16) and others.[3][4]

It is closely related to

underwriter
for Eldon and also controlled by Banks.

History

The company was incorporated in August 2007 with John Gannon and Paul Chase-Gardener as founding directors. Michael Lee became a director shortly after and was the

Hastings Direct.[2][7]

At the time, the trio of Banks, Chase-Gardener and Gannon were also the three executive directors of Bristol-based

chief executive at Brightside in 2012 preceded a bitter dispute including legal action between Brightside, Southern Rock and Eldon.[9]
Gannon left at the end of August 2012,
debt for equity deal in February. Those shares and the original 100 were then purchased by the newly created, Isle of Man-based, ICS Risk Solutions in July for £7.5m. This did not affect control of Eldon as Arron Banks was then majority shareholder in both parent companies.[13]

Banks was forced to resign from Eldon in September 2013 and Southern Rock Insurance the following year, as part of an agreement with Gibraltarian regulators also accepting a "period of ban or self-exclusion from other insurance directorships" after they found Southern Rock to be trading while technically

insolvent. Banks was replaced as a director by his Hong Kong-based brother Johnathan.[2][14]
Just before Christmas 2013, the company's
Baker Tilly LLP resigned, reporting that the relationship had broken-down because "by failing to supply accurate information, management is imposing a limitation of scope on our work." Banks has pointed to a conflict of interest.[15][16] By early 2014 Eldon had launched the Footprint brand to sell van and motorbike policies and Business Choice Direct for commercial insurance. At the end of the year it began a partnership to sell insurance under the Debenhams brand.[17]

Eldon's new

out of court settlement in May 2015 bringing to a close their disputes relating to intellectual property, breaches of trading agreements and breaches of terms of business agreements.[20] The following month Eldon sent call centre workers home while it trailed moving their work to South Africa, stating that it was "entering into a period of consultation with up to 200 members of staff across the business".[21] Subsequently, 174 employees were made redundant at the Newcastle and Bristol offices.[1]

Eldon is also 50% owner of a

subsidiary company of which Eldon owns 51%.[17] According to the company website they also moved into new offices in Eastleigh.[23]

During 2017 Eldon moved its offices in Newcastle into larger premises.

Manchester Business School called Banks' reported £250m valuation "highly ambitious".[16]

Leave.EU

Elizabeth (Liz) Bilney, who became a director shortly before Paul Chase-Gardener resigned, was reported to be the

CEO in 2017 and was also in charge at Leave.EU during the Brexit campaign. Andy Wigmore was also a director at the time (December 2015 until April 2018).[2][4] The company's Bristol headquarters was also the HQ for Leave.EU.[25] Brittany Kaiser, a former director of Cambridge Analytica, has said that when she visited Leave.EU HQ in late 2015 she saw Eldon employees staffing a call centre for the campaign. She added that she thought the staff, most who had never participated in politics before, were calling leads or current customers of Eldon.[26]

In August 2016 the Leave.EU campaign announced a sponsorship deal with the Goskippy brand and offering a 10% discount on insurance.[27] From June 2017 the GoSkippy brand began appearing alongside that of Leave.EU on the campaign's Facebook and Twitter posts, including one featuring a photo of the burning Grenfell Tower stating "An amnesty for Grenfell illegal immigrants? Absolutely not! The law is the law."[28]

The Guardian reported in April 2018 that the UK Information Commissioner's Office was investigating whether Eldon shared data with the Leave.EU campaign. Although Banks had previously admitted advertising insurance products to campaign supporters, he stated "Eldon has never given or used any data to Leave.EU. They are separate entities with strong data control rules. And vice versa."[25]

In November 2018 the Information Commissioner took enforcement action against Eldon Insurance and Leave.EU for breaches of the Data Protection Act, fining them a total of £135,000.[29]

The company changed its legal name to Somerset Bridge Insurance Services on 6 December 2019.[30]

Finances

During 2013 Eldon sold 113,000 policies and recorded a £239,000 pre-tax profit on a

AI technology used in the Brexit campaign.[4][16]

See also

References

  1. ^ a b c d e Manning, Jonathon (7 November 2017). "Newcastle Insurance firm sees its turnover soar to £47.3m". Evening Chronicle (ChronicleLive). Trinity Mirror North East. Retrieved 23 June 2018.
  2. ^ a b c d e f "ELDON INSURANCE SERVICES LIMITED". Public Register. Companies House. Retrieved 19 June 2018.
  3. ^ a b "Eldon Insurance Services Ltd". The Financial Services Register. Financial Conduct Authority. Retrieved 23 June 2018.
  4. ^ a b c "Revenue jumps at UKIP donor Arron Banks insurance business Eldon". Business Insider. 16 June 2018. Retrieved 19 June 2018.
  5. ^ "Insurance firm creates almost 200 jobs in two years". The Journal. 30 June 2009. Retrieved 19 June 2018.
  6. ^ "Eldon Insurance Services". Eldon Insurance Services. Archived from the original on 22 October 2010. Retrieved 20 June 2018.
  7. ^ "Hastings Direct appoints new managing director for insurer services". Hastings Insurance Services. 19 April 2011. Retrieved 20 June 2018.
  8. ^ "Brightside Group (BRT)". Financial outlook report. Edison Investment Research. 12 May 2010. Retrieved 20 June 2018.
  9. ^ a b Paul Gallagher (3 October 2014). "Ukip's £1m donor Arron Banks is accused of conspiracy by his old company". The Independent. Retrieved 20 June 2018.
  10. ^ "Independent insurance broker expands Bristol business". Press Release. Jones Lang LaSalle. 3 July 2013. Retrieved 21 June 2018.
  11. ^ "Brightside Group PLC : Change in Substantial Shareholdings and Director Dealings 12th February 2013". 4-traders.com. Surperformance SAS. 12 February 2013. Retrieved 30 June 2018.
  12. ^ Ben Dyson (10 September 2014). "Southern Rock denies 'conspiracy' to damage Brightside". Global Reinsurance. Newsquest Specialist Media Ltd. Retrieved 21 June 2018.
  13. ^ a b "Eldon Insurance Services Limited - Full accounts". Companies House. 2013. Retrieved 29 June 2018.
  14. ^ a b c d Cynthia O'Murchu; Henry Mance (30 June 2017). "How the businesses of Brexit campaigner 'King' Arron Banks overlap". Financial Times. Retrieved 19 June 2018.
  15. ^ "Baker Tilly resignation notice". Companies House. 18 December 2013. Retrieved 29 June 2018.
  16. ^ a b c John Sweeney; Innes Bowen; Phil Kemp (24 October 2017). "Ex-UKIP donor Arron Banks in Rochester by-election expenses row". BBC News. BBC. Retrieved 28 June 2018.
  17. ^ a b c d e f "Eldon Insurance Services Limited - Amended group of companies' accounts". Companies House. 2016. Retrieved 25 June 2018.
  18. ^ "How did Arron Banks afford Brexit?". openDemocracy. 19 October 2017. Retrieved 23 June 2018.
  19. ^ a b c d Cynthia O'Murchu; Oliver Ralph (21 June 2018). "Insurance losses sharpen focus on finances of Arron Banks". Financial Times. Retrieved 23 June 2018.
  20. ^ "Brightside and Southern Rock settle legal battle out of court". Insurance Times. 11 May 2015. Retrieved 23 June 2018.
  21. ^ "Up to 200 jobs at risk at Eldon Insurance Services". BBC News. BBC. 3 June 2015. Retrieved 23 June 2018.
  22. ^ "Arron Banks' Eldon launches Somerset Bridge MGA". Insurance Age. 3 October 2017. Retrieved 27 March 2018.
  23. ^ "About Us - Business Choice Direct Insurance Services". Business Choice Direct Insurance Services. Retrieved 25 June 2018.
  24. ^ "Arron Banks to float Eldon next year for £250m - Insurance Post". Insurance Post. 9 October 2017. Retrieved 27 March 2018.
  25. ^ a b Cadwalladr, Carole (14 April 2018). "Leave.EU, Arron Banks and new questions about referendum funding". The Guardian. Retrieved 8 December 2016.
  26. ^ Paul Lewis; David Pegg; Paul Hilder (17 April 2018). "Arron Banks staff worked on Brexit campaign, MPs told". The Guardian. Retrieved 23 June 2018.
  27. ^ "Skippy Saves the Day!". Leave.EU website. Leave.EU Group Limited. 24 August 2016. Archived from the original on 29 June 2018. Retrieved 29 June 2018.
  28. ^ Mikey Smith (27 June 2017). "Shameless millionaire behind Brexit campaign uses Grenfell Tower fire picture to flog insurance". The Mirror. Retrieved 29 June 2018.
  29. ^ Hern, Alex; Pegg, David (6 November 2018). "Arron Banks's firm and Leave.EU fined £135,000 over data – live". The Guardian.
  30. ^ "Somerset Bridge Insurance Services Limited". Companies House. Retrieved 8 February 2022.
  31. ^ Syal, Rajeev (4 October 2014). "Ukip donor Arron Banks shows tax cheque sent to HMRC for £1.86m". The Guardian. Retrieved 24 June 2018.
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