Two dozen people will lose their jobs just before Christmas after a profitable Norwich conveyancing firm saw its application for mandatory insurance rejected.

Notary Express, based in the Prince of Wales Road, will cease trading on December 19 and has been forced to pay its former insurers QBE £60,000 to cover potential client claims in the future.

The business was started seven years ago by then single-father Merlin Batchelor who worked 16 hour days and weekends to get his company off the ground.

Now employing 23 people Mr Batchelor has been forced to let them go.

He explained: "We submitted our application to QBE as normal well ahead of the deadline and it was declined a week or so before. QBE wouldn't tell us why at first and then came back with reasons like 'financials' and 'multiple properties with the same clients'.

%image(14530171, type="article-full", alt="Merlin Batchelor (pictured with his family) says he is "devastated" to lose his business just weeks before Christmas.")

"I simply don't understand - we had a turnover of £860,000 and that would have risen to about a million this year. Plus, surely returning customers are a good thing? It seems that we simply didn't pass a risk assessment because of our size and type of work.

"I am absolutely devastated. I've had sleepless nights, there have been tears, and I have to let my team and company go right before Christmas."

A spokeswoman for QBE said: “It is standard practice that we review each policy at renewal time and occasionally we may decide that a business no longer matches our risk appetite."

Mr Batchelor approached a handful of other insurers - though his options were limited as they have to be on a list of regulated bodies, which also all denied the claim.

"Some aren't taking on new clients because of the pandemic and we weren't large enough for others. On top of this you also have to declare that you have been denied insurance elsewhere which impacts your chances.

%image(14530172, type="article-full", alt="Notary Express had only recently finished refurbishing its offices in Prince of Wales Road, Norwich.")

"We had conversations about merging with other companies but that would have resulted in them losing their insurance, and we thought about shutting this company down and starting again in an attempt to save jobs - but we would still be blacklisted.

"On top of that we have to pay the insurer £60,000 in case any of our clients have a claim in the next six years - even though we've only had one small claim in the past seven years."

%image(14530173, type="article-full", alt="Notary Express employed 24 people out of its offices based in Norwich.")

The spokeswoman for QBE added: "Our decision does not preclude Notary Express from seeking coverage elsewhere and just as we have done, alternative insurers will consider this business on its own merits and against their own criteria.

"Typically, clients go to a broker and brokers acting on their behalf are charged with finding coverage amongst the many insurers available in the market.”