The percentage of the UK population aged 50 or over is expected to grow rapidly in coming years, from 16 million in 2004 to 20 million in 2021. In light of this expanding market, IDL provides a range of tailored insurance products from home insurance to personal accident cover.
IDL, which operates through its independent intermediary insure4retirement.co.uk, was founded in 2004 and is situated in one of Bridges’ target areas in the South-West of England.
Community development venture capitalist Bridges operates strict investment criteria. Prospective investees must be: based in the most deprived areas of England, independently owned, have fewer than 250 employees, generate annual turnover of less than £25 million and posses no more than £16.5 million of assets on their balance sheet.
Philip Newborough, managing director of Bridges (who will join the board of IDL post-completion) commented, ‘we believe that, with its tailored products for a growing over-50s market, IDL will be an exciting commercial prospect as well as a strong employer in Bridges’ target areas.’
This is the 14th investment so far for Bridges, which has also put money into Coventry-based Pure Washrooms, computer games designer Elixir Studios and managed office business The Office.
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