Mon, 05 Nov 2012 | BUSINESS SALE
Insurance company Go Compare could be up for sale in the near future after reports have shown that the founder of the company has brought a group of accountants in to conduct a strategic review.
Hayley Parsons launched the company back in 2006 and is now thought to be weighing up her options ahead of the planned stock-market flotation of car insurance company Esure, which owns a 49 per cent stake in Go Compare.
Accountants from Grant Thornton have been chosen to conduct the review into the business, which is reportedly valued at around £500 million.
Should the sale go ahead, it is likely to attract a significant amount of attention. The successful flotation of Direct Line last month is thought to be reflective of a strong appetite among investment institutions for insurance businesses.
Go Compare had a successful year in 2011, providing a quote every second. Its profits rose by 15 per cent to £34.7 million, while turnover was up by seven per cent to £108.9 million.
At the moment, Ms Parsons holds a 23 per cent stake in the company, while the rest is split between staff and other shareholders. The firm is valued at over £100 million.
This well-established company, known for its exceptional services and high client retention, is now available for sale to stimulate further growth under new ownership.
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