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".
Manchester United debt rises to £716.5 million
The Glazer family have today issued the report and accounts for the Red Football Joint Venture which is the parent company of Manchester United plc. However, the accounts do not make good reading for Manchester United fans with the revelation that debts have risen to £716.5 million with the company now paying in excess of £68 million a year in interest. This is the first time that the debt as...Read More
UK house prices rise by 0.2% in April
The average UK house priced increased by 0.2% in April leading to a rise of 8.5% over the last 12 months. However, on a regional basis there are major variations on the 8.5% annual increase and not every housing market in the UK is experiencing increased demand! The report by the Land Registry shows that Brighton and Hove has the highest year on year increase of 16.8%, Bristol is next on 15.9%...Read More
UK economic growth falters
Economic growth in the UK economy for the first quarter of 2010 has been confirmed at 0.2%, a figure which is that expected by analysts. The vast majority of economists had been expecting an increase of 0.4% over the three-month period, similar to the final three-month period of 2009, but were sadly disappointed this morning. This latest announcement casts further doubt on the strength of the UK e...Read More
Robert Bonnier - He came, he saw, he lost the lot!
While Robert Bonnier is perhaps better known for building up the Scoot empire during the dotcom boom and making literally millions for himself, he has a track record of ups and down which few investors would want!
Over the years, as well as the Scoot investment, he has been very active in an array of dotcom stocks, increasing his portfolio substantially with the boom seemingly set t...
Irish government expands bank guarantee to 5 foreign banks
In a move which could actually see Ireland sidelined from major involvement in the EU over the next few years it has been announced the government has extended the 100% guarantee on bank deposits to 5 more banks, all foreign owned. This has caused fury in the EU where ministers have been scratching their heads as to why the likes of Ireland and Germany seem to be going it alone.