Penningtons advises on sale of high net worth insurance business

Penningtons Solicitors LLP has advised Stefan Wissenbach, the chairman and founder of Quantum Underwriting Solutions, on the sale of the company to two of its directors – James Wasdell and Lee Rhodes - for an undisclosed sum.

Quantum is one of the leading providers of risk management solutions for high net worth individuals with substantial personal assets including houses, jewellery, fine art and cars throughout the UK and Europe. It was co-founded by Stefan Wissenbach and James Wasdell six years ago.

Stefan Wissenbach runs the highly successful Wissenbach Group, a wealth management and investment specialist business with offices in Berkswell, Warwickshire and Berkeley Square in London. He will now be focusing his attention on developing other companies within the Group, of which Quantum was previously a part. Commenting on the sale, he said: “I am delighted to have sold the business to James and Lee who have been running the company successfully for some time. This is a market leading business, and will remain in very safe hands.”

Penningtons advised Stefan Wissenbach on all corporate and corporate tax aspects of the deal, working within the tight timescale required of eight days between receipt of the draft share purchase agreement and completion. Commenting on the transaction, Franco Bosi, who heads Penningtons' business services team, said: "We were delighted to continue our association with Stefan, with whom we have worked closely while representing mutual clients, by acting for him in his personal capacity as head of the Wissenbach Group on a deal which will allow him to pursue alternative investments for his business."

The buyers were represented by Cobbetts LLP in Birmingham.