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".
Share this..
Related stories
Nationwide’s mortgage lending falls by almost £1b
25/11/2014 Nationwide Building Society’s mortgage lending has fallen by almost £1 billion over the past six months, its interim results show. Nationwide, Britain’s biggest building society, has released figures showing lending at £13.1bn for the six months to September 30, down £900m from the six months to March 30. Net lending was £2bn lower at £3.6bn. New mortgages lending rul...
Read MoreHead of Royal Mail calls on unions to "shut up"
Adam Crozier, the head of Royal Mail, has this evening set the scene for some very difficult negotiations later this week after telling the unions to "shut up". In what many believe are the last ditch talks before more strike announcement prior to Christmas, this is a high-risk strategy by the head of Royal Mail and one which could backfire spectacularly!
It would seem that Adam Cro...
Bank governor signals rate hold
The Bank of England seems unlikely to raise rates, following comments made to MPs by its governor.Addressing the Treasury Select Committee yesterday, Mervyn King said that it was a priority for the Bank not to exacerbate the UK's current economic slowdown - a situation that might be worsened by any increase in the base rate of interest.Analysts have speculated that the Bank might make the move due...
Read MoreTwo Thirds Of UK Consumers Have Less Disposable Income
A survey by Accenture has brought home the harsh reality of life in the UK as the credit crunch rolls on and the economy continues to falter. The information gathered shows that two thirds of UK consumers have less disposable income than they had just 6 months ago and over sixty percent expect to see further reductions in the short term.
This has put serious pressure on the ability...
Over 50s getting a raw deal on ISA investments
Despite the fact that UK government changes in ISA regulations will allow the over 50s to invest an extra £1500 a year from this Tuesday it would appear that the interest rate receivable on the increased amount is lower than for standard ISAs. The Principality Building Society for one is offering a rate of 3.8% on the 50 plus fixed ISA which is 0.4% below the amount paid on standard ISAs. The sit...
Read More