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".
Should you employ an accountant for your self-employed tax return?
As we covered in two of our earlier articles, the UK government is currently undergoing a major crackdown on the self-employed in the UK and any taxation which may be due and has possibly not been declared. The growth in the power and the use of the Internet in the UK and around the world has led to a significant increase in those who are self-employed, often working from home, which has led to so...Read More
Purchasing managers index shows growth
It would appear that the services industry has turned a corner with an indication that activity in September was sharply higher than that seen in recent months. Since February 2010, when the index was 58.4, there has been an ongoing decline although this pattern was broken in September when the figure improved from 51.4 in August to 52.8. So what does this mean for the UK services sector? Despi...Read More
HSBC fined £3.2 million by regulator
HSBC has been fined a total of £3.2 million after the FSA (Financial Services Authority) found the company in breach of data protection and security issues. The fine relates to 3 particular units which are HSBC life, HSBC actuaries and HSBC insurance brokers. The issue seems to have come to a head with the loss of a confidential CD which contained 180,000 insurance policyholder details, after bei...Read More
Banking bonuses set to hit £6 billion this year
It is forecast that banking bonuses in the UK will hit £6 billion this year which is a 50% increase on the 2008 figure despite the fact that billions upon billions of pounds of UK taxpayers money has been used to bail out the sector. Indeed it is forecast that bonuses will rise for the next few years and peak at around £7.5 billion in 2012 much to the disgust of UK taxpayers and the UK governmen...Read More
Short selling ban to end next week
The controversial short selling ban which was instigated by the UK government to try and protect troubled sectors such as the banking industry will end this week. While initially many do not expect the same degree of volatility which we saw earlier in the year there is concern that as we have "bailout part two" at the ready we may see more pressure on banking and retail shares.