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".
Government red tape costs industry £80 billion year
A report by the Institute of Directors has today placed UK government red tape in the spotlight with accusations that it is costing industry around £80 billion year. This equates to around 5.7% of the UK economic output and equivalent of one month each year during which directors are predominantly sorting out "government red tape". This comes at a time when the UK government has been fairly cr...Read More
Sir Stuart Rose survives investor rebellion
As had been expected at today's AGM, Marks & Spencer chief executive and executive chairman Sir Stuart Rose faced a significant investor backlash. In total 38% of investors called on the former saviour of Marks & Spencer to step down as chairman earlier than 2010 while retaining his position as chief executive. There was also a smaller rebellion, which saw 21.5% of investors vote against or abstai...Read More
"Lucrative opportunities" for ISA investors this year
Savers depositing money in an independent Savings Account (ISA) could be set for excellent returns on their investment this year, a price comparison sites has claimed. As of this year the limit which savers can deposit in a cash Isa has been increased to £3,600 - meaning they can enjoy more tax-free savings than had previously been the case. Moreover, competition for savers' money among banks and...Read More
Is Ferrero out of the Cadbury picture?
Italian confectionery giant Ferrero is said to have ruled out a potential offer for UK competitor Cadbury. There were hopes that the company would team up with US outfit Hershey and present a "white knight" offer to the Cadbury board to head off the onslaught from Kraft Foods. While the rumours regarding Ferrero dropping out of the bidding have yet to be officially confirmed, those close to the co...Read More
Concerns about young workforce after retirement age change
There are concerns this evening that proposed changes to the retirement age in the UK, which could see more and more people working into their 70s, will have a major impact upon a "lost generation" of younger workers. So how will the changes actually affect the UK employment market? The main reason for the proposed changes is the fact that government finances are being stretched to the limit du...Read More