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.
This is a unique opportunity to acquire a leading Shopify Plus agency with a proven track record of delivering scalable ecommerce solutions for fast-growing brands.
This award-winning provider of technology-related installation services boasts a prestigious client base, including long-standing relationships with blue-chip companies in insurance, finance, and management consultancy sectors, as well as significant...
A well-established company in Cumbria specialises in the design and manufacture of various high-quality kitchen and other worktops using materials like granite, quartz, and marble.
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.