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Private equity firm Hutton Collins Partners has refinanced insurance broker Windsor, which was taken private by its management three years ago.

John Bennett, CEO of Windsor, calls the refinancing a 'major milestone', adding that it has enabled the Lloyds broker to repay most of the capital used to finance the take-private deal.

New senior debt for the deal was provided by Clydesdale Bank. Management retains its 78 per cent stake in the business, while Hutton Collins, which provided £15 million of preferred equity to support the 2007 buy-out, remains a shareholder.

London-based Hutton Collins provides junior debt and preferred equity to businesses seeking to expand, or whose management teams wish to acquire a greater stake in the company.

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