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".
Homeowners advised to get accidental damage cover
Homeowners are being told to get accidental damage cover when taking out a home insurance policy if they are considering carrying out any DIY projects.According to the British Insurance Brokers' Association (Biba), people who are undertaking DIY projects need to ensure that they are covered for accidental damage on their home insurance policy so as to protect them in the event that they have an ac...Read More
Lehman Brothers Europe short of $8 billion
It has been revealed that PwC, the administrator for the Lehman Brothers European business, has requested the return of $8 billion from the company's US parent. In a rather bizarre way of controlling cross company funding it appears that funds associated with all areas of the empire were returned to the US on a daily basis and placed on deposit by the US head office.
PwC has been t...
Do You Have A Will In Place?
Many people throughout the world will go though their lives not thinking of the consequences if they were to have a fatal accident or when they eventually die. A will is one of the more embarrassing financial instruments to bring into a conversation without seeming heartless and uncaring, but it is something which needs to be considered, something which is essential and should be part of any fina...Read More
UK economy set to fall by 2.8% in 2009
The International Monetary Fund has today issued a report on a variety of Western governments, Western economies and how they are coping with the ongoing economic difficulties. Yet again the UK has been mentioned as the weakest economy in the developed world with forecasts indicating a 2.8% reduction in the UK economy this year. This is the largest one-year fall since 1946 and a rate which is fast...Read More
Bitter blow for UK pub industry
It has been revealed that around 150 million fewer pints of beer have been served in the UK during 2009 compared to the same period in 2008. Sales have declined by 8.2% in the first three months of 2009 and we are literary seeing pubs going to the wall every day of the week. A mixture of increased business costs, increased taxation and the recession has pushed an industry which was already in trou...Read More