The Penarth-based firm Source Insurance is to expand – with the help of a multi-million pound funding package from Barclays Bank.
Source Insurance was established in 1993 and its premises are at Drake House – sandwiched between the Railway Pub and Penarth Job Centre – at No 2 Plymouth Road.
The firm provides provides a household and landlord property insurance price-comparison service for independent brokers across the UK. The new funding arrangements will enable Source to offer customers in-house credit-lines to enable them to pay annual pemiums by monthly instalments
The company – which began life as a software developer – now provides over 20,000 quotes every month and forecasts that next year annual turnover will be in excess of £12,000,000