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".
Cadbury chief executive sees shares worth in excess of £10 by 2013
Todd Stitzer, the media shy chief executive of Cadbury, is today the centre of attention with an article published in the Daily Telegraph suggesting that Cadbury shares will be worth well in excess of £10 by 2013. He is suggesting that if the company delivers at the midpoint of its 2013 targets the shares should rise significantly from their current level, a level which has been boosted by the Kr...Read More
RDR – don’t be left in the Dark
Amid the positives that the Retail Distribution Review (RDR) is likely to bring, especially in reference to the standard of financial advice given, there have been those that have expressed their concern about the amount of people that could be set to miss out on advice in the future. It is thought that the fees that will be charged from the New Year by financial advisers will make it impossible f...Read More
House prices '8% down on last year'
The average property now costs just £169,000 in the UK - £15,000 less than it did last year.Nationwide said today that house prices have fallen by a further 1.7 per cent this month, bringing the annual drop to a record 8.1 per cent.This is the largest 12-month decline since the firm began its house price survey in 1991.Nine consecutive months of falls have now been marked by the lender, which bl...Read More
Irish budget deficit largest in European Union
It has been revealed that the Irish budget deficit last year was the largest in the European Union standing at 14.3% of gross domestic product. While the initial figure of 11.8% was revised higher due to a change in the treatment of the EUR4 billion aid given to Anglo Irish Bank, there is no doubt that the finances of Ireland are in a mess. Despite the fact that Ireland has a larger budget defi...Read More
Goldman Sachs under pressure over Lloyd's Bank refinancing
In yet another attempt to smear the reputation of financial giant Goldman Sachs the financial press is today full of news regarding the company's involvement in the Lloyd's Bank refinancing. It has come to the attention of financial journalists that Goldman Sachs was both an investor and an underwriter in the massive £23.5 billion transaction. But is this really something we should be concerned a...Read More