Listed insurance brokerage company - £15m
raised through business sales
This long established insurance broker quoted
on the main market of the London Stock Exchange
found itself embroiled in the twin dilemma of
pensions mis-selling by its financial services
division, and a substantial pensions deficit in
its own final salary scheme.
A comprehensive restructuring of the group was
needed to realise assets and to isolate the costs
of the pensions mis-selling crisis, whilst continuing
to maintain the support of bankers, and key brokers
and counterparts in the industry.
After making a full and detailed assessment of
the liabilities it was advised to withdraw group
support for the financial services business, thus
saving around £6m in cost and compensation.
To strengthen the balance sheet and refocus on
profitable areas of business, the UK retail network
and overseas investments were put up for sale,
along with detailed information about each business.
The businesses were successfully sold to international
buyers who were able to act quickly based on the
detailed information available to them.
return to case studies
page »
|
tel:
+ 44 20 7321 3888