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".
Could the World Cup save the UK retail sector?
As we await the first England game of the South Africa 2010 World Cup it is becoming apparent that the World Cup could actually be an event which rescues some UK retailers. Only this week John Lewis reported a 20% increase in sales due in the main to World Cup fever gripping the UK. Despite comments in the press that sales of flatscreen televisions have been disappointing there would appear to be...Read More
More people set to ditch bank after poor treatment
A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated. More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily...Read More
UK pension schemes shy away from private equity
It has been revealed that UK pension schemes are shying away from private equity due to the fact they need firm income and more reliable investment returns for the future. As a consequence, a report by the National Association of Pension Funds has confirmed that the allocation of funds to private equity fell from 2.5% to just 1% as of the end of June 2009. While this does not seem like a massive a...Read More
Another Potential Bidder For RBS Insurance Division Pulls Out
As D-day approaches for the submission of bids for the RBS insurance division, valued in the region of £7 billion, it seems that interest in the asset is faltering. Italian giant Generali is the latest potential suitor to pull out of the auction amid concerns that the first deadline, Wednesday this week, may well see only a small number of bidders come to the fore.
While there a...
Getting the most from your 30 minute Financial Health Check
Did you know that here at financialadvice.co.uk we offer all those who visit our website a 30 minute free financial health check, completed by a fully qualified financial adviser? No? Well, here at financialadvice.co.uk towers we think our 30 minute free Financial Health Check is a perfect opportunity for you to talk to a qualified financial adviser on your key financial issues, such as saving...Read More