Tue, 07 Jun 2016 | DIVISION SALE
Insurance giant esure has launched a strategic review into its price comparison website GoCompare less than two years after taking over the business.
Esure, which also owns well-known insurance brands such as Sheilas' Wheels, increased its stake in GoCompare to take over the entirety of the business for £95 million at the end of 2014. However, after only a year and a half, it is now thinking of selling off the division.
Esure values the business highly, predicting that the comparison site’s profitability should improve by 20 to 30 per cent this year following its increased focus on marketing and offering an expanded product range.
The timing of the strategic review comes on the back of preparations for an initial public offering (IPO) at chief rival Comparethemarket, which is valued by its owners BGL Group at £1 billion.
Both GoCompare and Comparethemarket are well known to British customers due to their high profile advertising campaigns — with GoCompare featuring the moustachioed opera singer Gio Compario and Comparethemarket featuring Eastern European meerkats alongside Hollywood superstars such as Arnold Schwarzenegger and Nicole Kidman.
In other news, GoCompare has just announced a new chief executive officer in the form of Matthew Crummack, who will take over from former boss Jon Morell. Mr Crummack has previously worked in senior positions at travel and hotel booking websites lastminute.com and Expedia.
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