Ex-Aviva and British Fuel exec Hodges to spearhead Marwyn car

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A former prime government at Aviva and British Fuel will this week be appointed to spearhead the most recent takeover quest of Marwyn, one of many London market’s most prolific creators of listed acquisition automobiles.

Sky Information has learnt that Mark Hodges, who has run a few of the greatest corporations within the British insurance coverage {industry}, shall be named on Monday as chairman of Marwyn Acquisition Firm II (MAC II).

The recruitment of Mr Hodges, which sources mentioned would underline Marwyn’s means to proceed hiring main executives throughout a spread of sectors, will coincide with a narrowing of MAC II’s focus to the monetary providers, shopper and expertise industries.

One Metropolis insider mentioned Mr Hodges could be notably desirous about figuring out takeover targets which addressed the difficulty of intergenerational finance, which can change into more and more essential because the cost-of-living disaster deepens.

That would present itself within the mixture of a expertise platform with conventional regulated asset companies in areas similar to lending, wealth administration and monetary recommendation, the insider added.

Mr Hodges ran British Fuel and the opposite retail vitality operations of Centrica, in addition to Aviva UK.

He has since been answerable for ReAssure, which he offered to Phoenix Group for £3.25bn, and now chairs RSA UK.

His function at MAC II shall be non-executive moderately than as a full-time government.

MAC II plans to lift £500m via a inserting, and believes there may be enough demand to again it even amid present market volatility as soon as an preliminary goal is recognized.

Earlier Marwyn automobiles have orchestrated takeovers of corporations together with WeBuyAnyCar-owner BCA Market and Leisure One, the proprietor of Peppa Pig.

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Its offers have attracted blue-chip world institutional traders, and other people near Marwyn mentioned its automobiles had generated greater than £4.5bn in earnings since 2005

One other car, MAC I, introduced in Vin Murria, one of many UK’s most profitable software program entrepreneurs, and the 2 have subsequently been working collectively on an more and more bitter takeover battle for M&C Saatchi, the listed promoting company group.

Marwyn has sought to distinguish its mannequin from the more and more discredited wave of particular goal acquisition corporations (SPACs) which have besieged the US public markets over the last three years.

A lot of these have both begun handy again their preliminary capital or dissolve agreed merger offers amid waning investor enthusiasm.

Marwyn’s supporters say its pursuits and people of exterior shareholders are rather more intently aligned than these of SPACs, partly as a result of the financial advantages are weighted evenly between the 2 in Marwyn’s automobiles.

It additionally prioritises bringing collectively networks of industry-leading executives to determine targets and execute offers.

A Marwyn spokesman declined to touch upon Mr Hodges’ appointment on Sunday.

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