The managers at one of Scotland's largest independent insurance brokers have decided to take over at the helm and secured a management buy out (MBO).

The Royal Bank of Scotland supported the acquisition of the Aberdeen firm for an undisclosed sum.

Central's new management structure has said that Dave Thomson, the majority shareholder who relinquished his controlling stake, would still have an "ambassadorial role" to play.

Iain Henry, who joined Central Insurance 17 years ago, has taken over as managing director.

Mr Thomson, who co-founded the company more than 30 years ago, said: "I am supremely confident that I am handing over the reins to a very talented young team who will drive the business onward and upwards and they will lay the foundations for another 30 years and more of success."

The company has just moved to new custom-built headquarters on the outskirts of Aberdeen.

Mr Henry, concluded by saying that with the move "there could not be a better time" to restructure and the MBO would guarantee them independence in an "ever changing market".

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