Burgess wants to sell business stake
MONEY MARKETING - 22ND FEBRUARY 2007
British Insurance managing director Simon Burgess is looking to sell a stake in the business to help fund expansion.
Burgess and his wife Sara are sole owners of the business, which is estimated to be worth £25m. They want to release capital to launch TV and radio advertising which will feature their border terrier dog Pip to raise the profile of the firm.
He says the payment protection insurance business has attracted a number of investors, including overseas insurers, and he is confident a deal can be struck shortly. He adds that a catalyst for the sale of a stake was the Office of Fair Trading's referral of the payment protection insurance market to the Competition Commission.
He says: "What is most important is that we keep up our good reputation in this market. Selling a stake would allow us to release the capital that we need to launch our TV, radio and tube advertising."
