# Brightside Group
> Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Brightside_Group
> Markdown URL: https://mediated.wiki/source/Brightside_Group.md
> Source: https://en.wikipedia.org/wiki/Brightside_Group
> Source revision: 1311512118
> License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/)
{{Short description|Financial services company}}
{{Use dmy dates|date=April 2022}}
{{Infobox company
| name = Brightside Group
| logo =
| type = [Limited Company](/source/Limited_Company)
| foundation = 2005
| location = [Bristol](/source/Bristol), UK
| key_people =
| industry = [Insurance](/source/Insurance) & [Finance](/source/Finance)
| num_employees = 640
| homepage = http://www.brightsideinsurance.co.uk}}
'''Brightside Group''' is an [insurance broking](/source/Insurance_broker) and [financial services](/source/financial_services) business in the UK. The company was incorporated in 2006,[{{cite web|title=Notice of General Meeting and Admission to trading on AIM|url=http://www.brightsidegroup.co.uk/cms/downloads/download_168.pdf|publisher=Brightside Group|accessdate=3 December 2015}}] is based in [Bristol](/source/Bristol)[{{cite web|title=Case study Brightside Group Plc|url=http://www.cimaglobal.com/Documents/Employer%20docs/Case%20studies/Brightside_SC.pdf|publisher=Chartered Institute of Management Accountants|accessdate=3 December 2015}}] with offices in [Southampton](/source/Southampton), and [Torquay](/source/Torquay).[Brightside Group website]
==History==
Brightside is registered in the UK and is regulated by the [Financial Conduct Authority](/source/Financial_Conduct_Authority) (FCA). In June 2008 a [reverse takeover](/source/reverse_takeover) took place between Aust Holdings Limited and Brightside Group Plc.[{{cite web|title=Brightside Group insurance company and news|url=http://www.insuranceproof.co.uk/brightside-group|archive-url=https://web.archive.org/web/20151208050611/http://www.insuranceproof.co.uk/brightside-group|url-status=dead|archive-date=8 December 2015|publisher=Insurance Proof|accessdate=3 December 2015}}] Brightside Group Plc acquired Group Direct and its associated companies, changing its principal business activity from financial rehabilitation solutions to insurance broking.[{{Cite news|url=http://www.insurancedaily.co.uk/2008/06/03/nu-supports-group-directs-reverse-takeover-of-brightside/|title=NU supports Group Direct’s reverse takeover of Brightside|publisher=Insurance Daily|date=2008-06-03|accessdate=2009-06-25}}] In the same deal Brightside Group acquired Injury QED which provides solicitors with medical reports for personal injury claims.[ The Brightside acquisition included a strategic investment from [Aviva](/source/Aviva)-owned insurer [Norwich Union](/source/Norwich_Union) and Swedish based Stena Investments. For the six months ending June 2010 revenue grew 24% from £21.4 million in 2009 to £26.6m.][{{Cite news|url=http://www.insuranceday.com/insday/brightside-1h-figures-enable-it-to-look-on-the-bright-side/169549.htm|title=Brightside 1H figures enable it to look on the bright side|publisher=Insurance Day|date=2008-09-30|accessdate=2009-06-25}}] In December 2009, the Group raised £20m in additional capital to expand online offerings and the development of its medical reporting business, Injury QED, and in June 2010 the Group acquired the eCar and eBike brands to substantially increase distribution and represented an additional 307,000 policies.[{{Cite news|url=http://www.brightsidegroup.co.uk/images/stories/documents/11835_brightside_interim.pdf|title=Brightside Group plc Interim results 2010|publisher=Brightside Group|date=2010-09-28|accessdate=2010-09-28|archive-url=https://web.archive.org/web/20140819084603/http://www.brightsidegroup.co.uk/images/stories/documents/11835_brightside_interim.pdf|archive-date=2014-08-19|url-status=dead}}]
===Problems with ex CEO===
[Arron Banks](/source/Arron_Banks) co-founded Brightside Group in 2005, and was appointed CEO in June 2011, at which time the company was listed on the [Alternative Investment Market](/source/Alternative_Investment_Market) (AIM).[{{Cite web |last=Bragg |first=Steven |date=2023-12-07 |title=Large Group Health |url=https://largegrouphealthinsurance.com/ |access-date=3 December 2015 |website=largegrouphealth}}] The board accepted the resignation from Arron Banks, effective 20 June 2012.[{{cite web|title=Brightside's Arron Banks resigns|url=http://www.insurancetimes.co.uk/brightsides-arron-banks-resigns/1397133.article|publisher=Insurance Times|accessdate=3 December 2015|url-access=subscription}}] Following Banks departure a bitter dispute followed including legal action from [Southern Rock Insurance Company](/source/Southern_Rock_Insurance), which is owned by Banks.[{{cite news|last1=Gallagher|first1=Paul|title=Ukip’s £1m donor Arron Banks is accused of conspiracy by his old company|url=https://www.independent.co.uk/news/uk/politics/ukip-s-1m-donor-arron-banks-is-accused-of-conspiracy-by-his-old-company-9773912.html|accessdate=3 December 2015|work=Independent|date=24 September 2015}}]
===AnaCap takeover===
In 2014 the company was de-listed from the AIM Stockexchange and purchased by AnaCap Financial Partners LLC at £1.27 per share.[{{cite web|title=Proposed acquisition of Brightside Group plc.|url=http://www.anacapfp.com/media|publisher=AnaCap Financial Partners|accessdate=3 December 2015}}]
In 2015 the company underwent a rebrand, becoming known simply as '''brightside'''.[{{cite web|url=http://www.privateequitywire.co.uk/2014/07/25/207911/anacap-completes-acquisition-brightside-group |title=European financial services private equity firm AnaCap has completed the acquisition of Brightside Group, a UK insurance broker.|publisher=Private Equity Wire|accessdate=3 December 2015}}]
==Company Results==
On 28 September 2010, Brightside Group released its Preliminary Results for the first six months of 2010 (unaudited):[{{Cite news|url=http://www.insurancedaily.co.uk/2009/04/01/brightside-looks-to-further-growth-as-profit-soars-182/|title=Brightside looks to further growth as profit soars 182%|publisher=Insurance Daily|date=2009-04-01|accessdate=2009-06-25}}]
*Profit from continuing operations increased by 33% to £4m in the first six months of 2010 (same period in 2009 £3m)
*Revenue increased by 24% to £26.6m in the first six months of 2010 (same period in 2009 £21.4m)
*[EBITDA](/source/EBITDA) before exceptional items and share option charges increased by 11% to £4.97m in the first six months of 2010 (same period in 2009 £4.48m)
*[Earnings per share](/source/Earnings_per_share) on profit from continuing operations increased by 3% to 0.65p in the first six months of 2010 (same period in 2009 0.63p)
*In 2014 the company made a £43.7 million loss.[{{cite web|title=Brightside Group posts £43.7m loss for 2014|url=http://www.insuranceage.co.uk/insurance-age/news/2428022/brightside-group-posts-gbp437m-loss-for-2014|publisher=Insurance Age|accessdate=3 December 2015}}]
==Associated companies==
Brightside Group incorporates: