Lloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insurance creation, set up the esure business with HBOS back in 2001.
However, since HBOS became part of the Lloyds bank group there has been friction between Peter Woods and the Lloyds bank management and the sale of the Lloyds bank stake was expected by many. Esure is a well-known insurance brand in the UK and is also the owner of the infamous Sheilas Wheels brand with its array of striking adverts on the TV.
The company specialises in various niche markets and has made an excellent name for itself with profits topping £38 million in 2008. Quite what Peter Woods has in store for the future remains to be seen but he appears relieved to be on the verge of taking total control of his "baby".
UK house prices back to 2006 levels
Despite the fact that house prices in England and Wales have increased each month for the last eight months, and are in fact 8.4% higher than a year ago, they are only now back to levels seen some four years ago in August 2006. This was 12 months before the credit crisis struck home and perfectly illustrates how the UK property market, and indeed the worldwide property market, suffered during the...Read More
West Ham United on verge of being taken-over
It has been revealed that London based financial company Intermarket is on the verge of making a takeover offer for West Ham United, the UK premiership football team. The football club has been in financial difficulties for some time and a number of potential suitors have stepped forward and stepped back. However it is believed an offer valuing the club at around £100 million will be announced in...Read More
UK government cracks down on business tax credits
The UK government has been accused of being overzealous in its pursuit of companies claiming research and development tax credits. HM Revenue and Customs (HMRC) has admitted that officers have been assigned to review thousands of cases of research and development tax credits being claimed by small, medium and large companies in the UK.
Despite the fact that the reduction of any clai...
Abbey National encounters technical problems
It has been revealed that many Abbey National customers have been affected by technical problems at the UK bank which have seen inwards and outgoing payments remaining unprocessed over the last 24 hours. While the bank has confirmed that no customer will lose out with regards to charges because of the technical problems, the bank was unable to give a timescale for processing all payments even know...Read More
UK Inflation falls to 2pc
14/01/2014 Inflation fell to 2pc in the UK for the first time since November 2009, as food price rises slowed to the slowest rate since 2006. This means that the Bank of England has hit its target for the first time in the last four years, and represents a significant step in the right direction for the economy. The consumer prices index was down from 2.1pc in November, to 2.0pc in December....Read More