The founder of the UK and Ireland’s biggest motorcycle insurance broker has sold up to French giant Groupama for a sum believed to be in excess of £80 million.

Carole Nash, who established her eponymous business in Altrincham in 1985, has retired from the firm as part of the deal, though the existing management team, led by MD Allister Hill, will remain in place.

The business has 240,000 policyholders and handles £60 million in premiums each year. In 2005, it made a pre-tax profit of almost £2.8 million on a turnover of £25.3 million. It operates from five locations in North West England and Ireland and employs 350 staff, none of whom are expected to be made redundant.

In addition to its motorcycle business, Carole Nash has a presence in classic car insurance and sells a range of motor, household and travel policies. It is the country’s largest independent fitter of motorcycle security products, and ranks among the UK’s overall top 30 brokers.

Nash owned 67 per cent of the business at the time of the sale. Her son Malcolm held 20 per cent and her daughter Jane had a 13 per cent stake. All have sold their shareholdings to Groupama.

Sixty-five year-old Nash, who set the business up 21 years ago with a £2,500 redundancy cheque, is understood to have previously rejected offers for the business of less than £70 million from the private equity sector. Groupama, the third largest general insurer in France, and Europe’s biggest mutual, prevailed among a field of interested trade buyers.

Pierre Lefèvre, chairman and chief executive of Groupama UK, will chair the Carole Nash board.

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