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".
Broadband switchers have 'so much to gain'
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Could UK mortgage rates really hit 14% within two years?
As a consequence of a Think Tank forecast that UK base rates could rise to 8% over next two years, after the UK finally exits a potential double dip recession, there is the possibility that UK mortgage rates could rise to between 12% and 14%. This would be a crippling rise for the UK property market and could potentially push the UK back into a downward economic spiral. There is no doubt that even...Read More
US Congress rejects $14 billion auto rescue package
The future for General Motors and Chrysler in particular looks very mixed today with news that the US Congress has rejected a $14 billion rescue package for the industry. There is also the potential for Ford Motors to go under in the New Year as the company has already stated that liquid assets are running short and may only last a few more months.
The move to reject the $14 billion...
100 per cent mortgages solution for first-time buyers
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Is risk bad for the economy?
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