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".
Wedding insurance can save the big day
With the cost of an average wedding having risen by around £2,000 a year in recent times to reach£20,000 in 2006, Marks & Spencer Money has said that wedding insurance is important should something threaten to ruin your big day.Liz Neild, media relations manager for Marks & Spencer Money, said the cost of an average wedding now is "frightening", but advised that wedding insurance could offer som...Read More
New Star Asset Management under serious pressure
The shares of the new Star asset management were today suspended on the stock exchange at the company's request as talks with bankers regarding their refinancing continue. Initially the company had requested a suspension of trading when they fell to 14p but this was refused and only agreed when the shares fell below 6p. This is a serious drop from the five pound level seen just 18 months ago and t...Read More
Bankruptcy applications at record levels
Applications for bankruptcy in the UK hit record levels last year, government figures reveal. Over the course of 2007, 53,114 Briton submitted requests to go bankrupt, a slight rise from a figure of 52,717 during 2006. However, this represents a doubling of the number of bankruptcy applications witnessed in 2003. The rise this year has been attributed to consumers struggling to meet debt repayment...Read More
Is the mortgage sector returning to reality?
At a time when mortgage lending in the UK has been "surprisingly strong" yesterday's announcement by the Skipton Building Society of a rewrite of 60,000 mortgage arrangements has not helped the industry. Overnight tens of thousands of mortgage holders in the UK will see their mortgage rate increase from 3.5% to 4.95% costing the average customer an additional £1,500 a year. Could this move cause...Read More
Should We Have Seen The Recession Coming?
If we could go back in time to this time last year when all was going well, house prices were on the up, stock markets were doing well and employment was on the rise, should we have seen the signs of a slowdown?
Many people have been scratching their heads and looking back to the summer of 2007 and the problems which stemmed from the US credit crunch. Were the signs there? Should w...