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MCE GOES INTO ADMINISTRATION

Northants-based MCE Insurance, which once claimed to be the UK’s leading motorcycle insurance broker, is reportedly teetering on the brink of insolvency.

The company had posted a “notice of appointment” to call in administrators, through law firm Womble Bond Dickinson, and then formally went into administration on 17 July. MCE’s accounts up to 31 May 2022 are overdue, according to Companies House records. And several MCE directors have resigned in recent months.

Previous filed accounts for MCE, made up to 31 December 2020, had suggested the company was prospering. Annual turnover was £36.8m and profit almost doubled to £7.3m. Dividends approaching £10m were paid out to shareholders at the end of 2020. At that time, directors said they were confident of growth based on “developing new opportunities in the insurance market”.

Commenting on the entry into administration, MCE’s underwriter Sabre Insurance said in a statement that it is not impacted by this development: “Customers’ policies remain in force and we will continue to handle and pay all valid claims.”

The directors of MCE Insurance have appointed Mark Holborow, Vincent Green and Steven Edwards, of insolvency practitioner Crowe UK, as joint administrators. For more information, email [email protected].

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