Lloyds have sold esure to Peter Wood for £185m. The deal backed by Tosca Penta investments was completed yesterday to secure the remaining 70 per cent.
Peter Wood already owned 30 per cent of the esure business which maintains a top ten spot for UK car insurance. Most consumers know the brand via the strap line from Michael Winner ‘calm down dear’.
Lloyds acquired the business during the merger with Halifax Bank of Scotland in 2008 whilst Wood was in his element. Wood set up Direct Line (sold to RBS) and founded esure and Sheila’s Wheels as a JV with Halifax.
“This sale means we can focus our efforts on our core general insurance brands of Halifax and Lloyds TSB”
Lloyds Banking Group CEO, Arcie Kane
But, the real question is what has happened to GoCompare who were granted a £30m loan in 2007 from esure?
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