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".
Flood Insurance Is Now Secure For Many
Despite comments earlier in the year suggesting that the insurance industry would take away flood insurance from many UK homes in high risk areas, it seems that the powerful Association of British Insurers (ABI) has agreed a compromise deal with the government. In return for speeding up investment in the flood defence systems across the UK, the ABI has given the authorities a guarantee that affor...Read More
Woolworths bankers holding out for outright sale
It has been reported that the bankers for troubled retailer Woolworths have apparently trying to block the potential sale of the retail division to a recovery specialist for one pound. The deal would have seen nearly £300 million of debt transferred to the new operation and it seems as though the company's bankers were not willing to see this happen and see their debts transferred to another comp...Read More
Darling announces VAT cut
Alistair Darling is to cut VAT to 15 per cent from its current level of 17.5 per cent, he announced today.The chancellor also told the commons, as part of his pre-budget report statement, that a new tax band would be introduced after the next election.People earning over £150,000 a year would be charged 45p in the pound, rather than the current top rate of 40p.Other measures announced by Mr Darli...Read More
Don't automatically renew your travel insurance
Many people across the UK automatically renew their home insurance, car insurance and travel insurance for example without ever considering the consequences. Aside from the fact that many do not even consider looking around for better rate, what is the point of renewing your travel insurance if you do not have a holiday booked this year or next?
While it may sound crazy to the vast...
Crunch time for Vauxhall in the UK
UK unions are set to hold high-level talks with General Motors with regards to the future of the General Motors Europe subsidiary, Vauxhall, in the UK. The meeting will also be attended by Lord Mandelson who has taken a watching brief over the situation since the subsidiary was taken off the market and retained in-house by General Motors. It is believed that the UK government is willing to come fo...Read More