BIZWATCH: PENARTH INSURANCE FIRM GETS BACKING FROM BARCLAYS

Kevin Paterson – MD of Penarth based Source Insurance outside the firm’s premises at 2 Plymouth Road

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

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