Britishinsurance.com up for sale
BEST ADVICE - 23RD FEBRUARY 2007
Insurance broker Britishinsurance.com, run by Simon Burgess, has told BestAdvice.net it is in talks with third parties - including lenders and brokers - to secure either a part-sale or entire sale of the business.
Burgess said he would remain at Britishinsurance.com even if the company is 100% acquired by another company.
He added that the current state of the payment protection insurance market, which is under investigation by the Competition Commission, would actually help the sale of his company due to the firm's reputation.
The impending sale follows Towergate's acquisition of general insurance giant Paymentshield in November.
Burgess said: "The payment protection insurance market is dysfunctional. We are not. So we expect a lot of interest from third parties interested in buying an ethical company such as ourselves. They will see an opportunity here as consumers look to deal with an ethical and 'safe' company like ourselves."
He added: "It is a trade sale, so we are open to talking to all parties, including lenders, brokers and other providers."
The company has been estimated to be worth around £25 million.
