Mon, 23 Jul 2012 | BUSINESS SALE
Andy Haste, the former boss of insurer RSA Group, is heading up a private equity consortium with the aim of purchasing Direct Line Group.
RBS has aims to float Direct Line in the autumn if market conditions are suitable, but is considered likely to welcome bid interest in the insurance group.
The part nationalised bank has been working with advisers UBS, Goldman Sachs and Morgan Stanley to explore options for Direct Line, and has been putting plans in place for an IPO since May. It is expected that its value will sit above £3 billion.
Founded in April 1985 selling car insurance purely over the phone in the UK, Direct Line now has over five million customers who purchase products over the internet and phone, and also operates in Germany and Italy.
Its well known brands include Churchill, Green Flag and Privilege, and offer a wide range of services including home, travel, pet, landlord and breakdown insurance.
Mr Haste was credited for saving RSA Group from a near failure in 2003. The bid for Direct Line is at an early stage, but it is thought that an offer between £2.5 billion and £3.5 million could lead to a successful acquisition.
Opportunity to acquire a well-established builders merchants located in South Wales, offering a robust reputation and a strong customer base.
An exciting opportunity has arisen to acquire a group of established cafes and bars situated in prime locations across three vibrant areas of Bristol.
LEASEHOLD
An exclusive chance to acquire a network of 17 well-established convenience and off-licence stores located in the North of England.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.